The Allied Peoples Movement (APM) has accused the President Bola Tinubu-led administration of having no clear plan to repay the country’s growing debt.
The party also urged the World Bank and other international lenders to stop extending fresh loans to the Federal Government, warning that continued borrowing could place a heavier burden on Nigerians.
The APM made the call in a statement by its National Publicity Secretary, Abubakar Yusuf, following reports that the Federal Government is in discussions with the World Bank over three proposed financing facilities totalling $1.5 billion.
“The proposed $1.5 billion World Bank credit is made up of three $500 million facilities targeting climate resilience, social protection and early childhood development,” the party said.
The party questioned the government’s ability to service additional debt, arguing that the administration had not presented a clear strategy for repaying the loans accumulated under its watch.
“The APM 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.
The party also faulted the continued borrowing despite increased government revenue following the removal of the petrol subsidy.
It argued that the policy had been accompanied by pressure on the naira, reduced purchasing power and difficulties for businesses and other productive sectors.
“Since the Tinubu administration came into office in 2023, Nigerians have continued to face rising costs of food, electricity, transportation, healthcare and other basic necessities, while millions are also struggling with food insecurity,” the party said.
It therefore called on the World Bank, International Monetary Fund (IMF) and other international lenders, including China and the United States, to withhold further credit from the Federal Government of Nigeria.
The APM said Nigeria needed greater transparency, fiscal discipline and investment in productive sectors rather than continued reliance on borrowing.
‘Tinubu has no clear plan to repay Nigeria’s growing debt’ – APM