The Allied Peoples Movement (APM) has urged the World Bank and other international lenders to reject the Federal Government’s fresh bid for a $1.5 billion loan, saying additional borrowing would further burden Nigerians.

Nigeria’s total debt stock now stands at more than N166 trillion.

The APM made the call on Tuesday amid reports that the Federal Government had opened talks with the World Bank for the loan, about $500 million of which is proposed to be spent on addressing climate change challenges, among other areas.

The party stated its opposition to the proposed facility through its National Publicity Secretary, Mr Abubakar Yusuf, in Abuja on Tuesday.

Yusuf said international financial institutions should consider the interests of more than 200 million Nigerians before granting further credit to the administration of President Bola Tinubu.

“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,” he said.

The party questioned the government’s capacity to service the nation’s growing debt, alleging that Nigeria’s total debt had risen to more than N166.7 trillion under the Tinubu administration.

Yusuf also criticised the government’s borrowing appetite despite increased revenue following the removal of the petrol subsidy, arguing that Nigerians had yet to see corresponding improvements in living conditions and productive capacity.

According to him, the naira’s weakened value and rising costs of goods and services had continued to undermine businesses and erode the purchasing power of citizens.

The APM further alleged that funds borrowed by successive administrations were not always deployed for their stated purposes, while infrastructure, employment and other critical sectors remained inadequate.

Yusuf argued that the situation had contributed to rising costs of electricity, transportation, food, healthcare and other basic necessities since Tinubu assumed office in 2023.

He cited the World Food Programme’s assessment that about 35 million Nigerians face acute food insecurity in 2026, describing the figure as an indication of the severity of the country’s food crisis.

The party, therefore, appealed to the World Bank, International Monetary Fund and other international lenders, including financial institutions and governments in China and the United States, to withhold fresh credit facilities from the administration.

Yusuf went on to say, “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.”

He added that the APM believed Nigerians would reject the Tinubu-led All Progressives Congress in the 2027 presidential election, arguing that an administration it described as “outgoing” should not be entrusted with additional credit facilities.

The party pledged that its presidential candidate, Engr. Seyi Makinde, would, if elected, prioritise transparency, fiscal discipline, productive investment and effective utilisation of public resources, while revamping the productive sector. (Nigerian Tribune)