Withhold fresh $1.5bn loan to Tinubu govt – APM tells World Bank

The Allied Peoples Movement, APM, has urged the World Bank and other international lenders to withhold fresh loans to the President Bola Tinubu administration, saying further borrowing would mortgage the future of Nigerians.

The call came against the backdrop of the proposed $1.5 billion World Bank credit, with the party questioning the administration’s ability to service its growing debt amid worsening economic hardship.

In a statement by its National Publicity Secretary, Abubakar Yusuf, the APM said the Tinubu administration had no clear-cut strategy for repaying the debt accumulated under its watch.

“The APM strongly condemns the attempt by President Tinubu to further mortgage the future of millions of Nigerians with a fresh $1.5bn credit from the World Bank,” Yusuf said.

The party faulted the continued borrowing despite increased revenues following the removal of petrol subsidy, arguing that the policy had instead coincided with a weaker naira, declining purchasing power and pressure on the productive sector.

It said Nigerians had endured rising taxes and the cost of food, electricity, transportation, healthcare and other basic necessities since Tinubu assumed office in 2023.

The APM cited the World Food Programme’s estimate that about 35 million Nigerians face acute food insecurity in 2026, as it accused the APC administration of making performance claims despite the hardship.

It called on the World Bank, International Monetary Fund and other international lenders, including China and the United States, to reject further credit to the administration.

“Nigerians have reached unanimity to vote out the Tinubu-led APC administration in January 2027. Such an ‘outgoing’ administration should not be entrusted with any credit facility on behalf of our nation,” the party said.

The APM said its presidential candidate, Engr. Seyi Makinde, would, if elected, prioritise transparency, fiscal discipline, productive investment and the revival of Nigeria’s productive sector.