Don’t lend Tinubu fresh loans, you’re mortgaging Nigeria’s future – APM warns World Bank

The Allied Peoples Movement, APM, has cautioned the World Bank and other international lenders against providing President Bola Tinubu with additional loans, warning that such borrowing would put Nigeria's future at risk. The statement, issued by the party's National Publicity Secretary, Abubakar Yusuf, on Tuesday, highlighted the administration's lack of a clear strategy for repaying the debt accumulated during Tinubu's tenure.

The APM questioned the government's ability to service its mounting debt while grappling with worsening economic conditions. They criticized the continued borrowing despite the surge in revenue following the removal of petrol subsidy, pointing out that it had coincided with a weaker naira, declining purchasing power, and increased pressure on the productive sector.

The opposition party underscored that Nigerians have been enduring rising taxes and the escalating costs of food, electricity, transportation, healthcare, and other essential necessities since Tinubu took office in 2023. Yusuf declared, "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."