The Allied Peoples Movement, APM, has told the World Bank and other international lenders to stop giving President Bola Tinubu fresh loans, stressing that such borrowing would mortgage the future of Nigerians.
The party made this call in a statement by its National Publicity Secretary, Abubakar Yusuf, on Tuesday.
It stated that the Tinubu administration had no clear-cut strategy for repaying the debt accumulated under its watch.
This comes after the proposed $1.5 billion World Bank credit, with the party questioning the administration’s ability to service its growing debt amid worsening economic hardship.
The opposition political party slammed the continued borrowing despite increased revenues following the removal of petrol subsidy, arguing that the policy had instead coincided with a weaker naira, declining purchasing power and pressure on the productive sector.
According to the APM, Nigerians had endured rising taxes and the cost of food, electricity, transportation, healthcare and other basic necessities since Tinubu assumed office in 2023.
“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,” Yusuf said.
Don’t lend Tinubu fresh loans, you’re mortgaging Nigeria’s future – APM warns World Bank