The Allied Peoples Movement (APM) has urged the World Bank and other international lenders to reject proposed loans totalling $1.5 billion for Nigeria, arguing that further borrowing would place an additional burden on citizens already struggling with the cost of living.
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The party’s National Publicity Secretary, Abubakar Yusuf, made the call in a statement issued in Abuja on Tuesday. He asked lenders to consider the interests of Nigerians and the country’s existing debt obligations before approving fresh credit for President Bola Tinubu’s administration.
“The APM strongly condemns the attempt by President Tinubu to further mortgage the future of millions of Nigerians with a fresh $1.5 billion credit from the World Bank,” Yusuf said.
The proposed financing consists of three separate $500 million facilities for climate resilience, social protection and early childhood development. They are at different stages of preparation and have not been approved as a single $1.5 billion loan. The climate resilience facility is expected to be considered first, in October.
Nigeria’s total public debt stood at ₦166.79 trillion as of June 30, 2026, according to the Debt Management Office. Yusuf questioned the government’s ability to take on further obligations and criticised continued borrowing despite increased public revenue following the removal of the petrol subsidy.
He argued that Nigerians had yet to see corresponding improvements in living standards or productive capacity. According to the party, the weakened naira and rising prices have eroded purchasing power, increased business costs and made electricity, transportation, food and healthcare less affordable.
The APM also alleged that loans obtained by successive administrations had not always been used for their stated purposes. It said infrastructure, employment and other essential sectors remained inadequate despite years of borrowing.
Yusuf cited an assessment by the World Food Programme indicating that about 35 million Nigerians could face acute food insecurity in 2026. The party said the scale of the food crisis made it more urgent for the government to account for existing resources and show how additional borrowing would improve people’s lives.
“We restate our call to international financial bodies, including the World Bank, the International Monetary Fund and other international lenders, not to give any fresh credit to the Tinubu administration, as such is not in the general interest of our nation,” Yusuf said.
The party extended its appeal to other foreign lenders, financial institutions and governments, including those in China and the United States.
Turning to the 2027 election, the APM described the Tinubu administration as “outgoing” and argued that it should not be entrusted with new credit facilities. It said its presidential candidate, Oyo State Governor Seyi Makinde, would prioritise transparency, fiscal discipline, productive investment and effective use of public resources if elected.
The party’s demand is a political position on the proposed borrowing. The World Bank has yet to decide on all three facilities, and their consideration remains subject to its approval processes.
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