APM Urges World Bank to Withhold Proposed $1.5bn Loans to FG

The Allied Peoples Movement (APM) has urged the World Bank and other international lenders to withhold fresh credit from the Federal Government over a proposed $1.5 billion financing package.

The party said additional borrowing could deepen Nigeria’s debt burden and place a greater financial obligation on citizens.

APM National Publicity Secretary, Abubakar Yusuf, made the call in a statement on Tuesday following reports that the Federal Government was discussing three proposed World Bank facilities worth $1.5 billion.

The proposed financing comprises three separate $500 million facilities for climate resilience, social protection and early childhood development. The facilities remain at different stages of preparation and are not yet approved loans.

The first proposal seeks an additional $500 million for the Agro-Climatic Resilience in Semi-Arid Landscapes (ACReSAL) project.

The World Bank has scheduled October 29 for consideration of the additional financing. If approved, it would raise the project’s total financing from $700 million to $1.2 billion.

The other two proposals involve $500 million each for early childhood development and social protection.

Against this background, Yusuf questioned the need for further borrowing amid Nigeria’s rising public debt.

“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,” he said.

The party also questioned the government’s ability to service additional debt, arguing that increased revenue following the removal of the petrol subsidy should reduce reliance on borrowing.

Nigeria’s total public debt rose to N166.79 trillion at the end of June 2026, according to the latest figures from the Debt Management Office (DMO).

The figure represents an increase from N159.35 trillion recorded at the end of March. The DMO published the latest debt position on September 25.

APM also accused the administration of worsening economic pressures through rising taxes and higher costs of food, electricity, transportation and healthcare.

The party further criticised the government’s management of previous loans and alleged that borrowed funds had not produced enough benefits for Nigerians.

It did not provide specific evidence for its allegation that borrowed funds had been diverted to private interests.

The party also linked its opposition to the proposed financing with Nigeria’s food security situation.

It cited the World Food Programme (WFP), which projects that nearly 35 million Nigerians could face acute and severe food insecurity during the 2026 lean season.

WFP said conflict, climate shocks, displacement and the deterioration of local food systems are driving the worsening food crisis.

The agency also identified Borno, Adamawa and Yobe as the epicentre of the crisis, with nearly 5.8 million people facing severe food insecurity in 2026.

APM therefore called on the World Bank, International Monetary Fund (IMF), China, the United States and other international lenders to withhold fresh credit from Nigeria.

“The APM, as a party committed to the well-being of Nigerians, restates its call to international financial bodies, including the World Bank, the International Monetary Fund and other international lenders such as China, the United States, among others, not to give any fresh credit to the Tinubu administration,” Yusuf said.

The party also criticised the All Progressives Congress (APC) administration over what it described as poor economic management.

APM said Nigeria should prioritise transparency, fiscal discipline and investment in productive sectors rather than continued reliance on borrowing.

The party further claimed that Nigerians were ready to vote out the APC in the 2027 general elections. It did not cite polling or other independent evidence to support the claim.

APM said its presidential candidate, Seyi Makinde, would focus on fiscal discipline, transparency and productive investment if elected.

The party also promised to revive the productive sector and improve the use of public resources.

Meanwhile, the proposed World Bank financing should not be confused with an approved $1.5 billion loan. The three facilities remain proposals, with separate approval processes and timelines.

The World Bank continues to finance development programmes in Nigeria across areas including agriculture, social protection, education, healthcare and economic reforms.