APM urges World Bank to halt new $1.5bn loans to Nigeria

The Allied Peoples Movement (APM), a political opposition group in Nigeria, has urged the World Bank and other global lenders to deny President Bola Ahmed Tinubu's request for a new $1.5 billion loan. The APM criticizes the All Progressives Congress (APC) administration as "squandermaniac" and argues that it is wrong to lend money to the Tinubu administration when the country already faces a massive debt problem.

According to their statement, the APC administration has failed to present a clear plan for repaying the over N166.7 trillion debt accumulated during Tinubu's tenure. APM claims that despite the government's claims of loans being for "plausible causes," most of the funds are actually funneled into the pockets of a corrupt group, while Nigerians continue to suffer from poor infrastructure, high unemployment, and a lack of access to basic necessities.

Since Tinubu took office in 2023, Nigerians have faced severe economic challenges, including skyrocketing taxes and the cost of living. The World Food Programme estimates that 35 million Nigerians will be in acute food insecurity in 2026. The APM argues that while the APC administration insists its loans are necessary, the reality is that the funds are often misused, and the country is facing a worsening crisis.

The opposition group urges international financial institutions, including the World Bank, the International Monetary Fund, and other lenders, not to provide any additional credit to the Tinubu administration, as it is not in the best interest of the nation. APM emphasizes that Nigerians have unanimously decided to vote out the Tinubu-led APC administration in the upcoming 2027 presidential election.

The APM believes that under the current circumstances, the outgoing administration should not be given any credit facilities on behalf of the nation.