The Allied Peoples Movement (APM) has urged the World Bank, International Monetary Fund and other international lenders to reject the Federal Government’s proposed $1.5 billion fresh loan, accusing the administration of President Bola Tinubu of further mortgaging Nigeria’s future.
Media reports on Monday citing a World Bank document indicated that the government was proposing a fresh $1.5 billion loan in three segments from the global lender.
But the party, in a statement issued on Tuesday by its National Publicity Secretary, Abubakar Yusuf, described the proposed borrowing as unacceptable, alleging that the administration had accumulated more than N166.7 trillion in debt without a clear strategy for repayment.
The APM also accused the government of pursuing what it described as a “morbid appetite for borrowing” despite the trillions of Naira generated from the removal of petrol subsidy.
It said the borrowing had contributed to the weakening of the Naira, crippling of the productive sector and erosion of the purchasing power of Nigerians.
“It is unacceptable that, even with the trillions of naira derived from the removal of the subsidy on petrol, the Tinubu administration is engaged in its morbid appetite for borrowing,” the party said.
The APM further alleged that funds obtained through loans for development purposes were being diverted into private pockets, while Nigerians continued to contend with poor infrastructure and unemployment.
“Most of the funds are diverted to the private pockets of a corrupt cabal while Nigerians continue to struggle with collapsed infrastructure and unemployment,” it alleged.
The party linked the country’s economic hardship to what it described as rising taxes and the high cost of electricity, transportation, food, healthcare and other basic necessities since Tinubu assumed office in 2023.
It cited the World Food Programme’s assessment that about 35 million Nigerians would face acute food insecurity in 2026, describing the figure as evidence of the severity of the country’s food crisis.
The APM also criticised the Tinubu administration’s performance claims ahead of the 2027 general election, saying Nigerians were being pushed to the “precipice” by worsening economic conditions.
It warned the ruling All Progressives Congress (APC) against interpreting Nigerians’ patience as weakness.
“The APC must be made to understand that they are pushing Nigerians to the precipice and there is a limit to which a people can stomach under such circumstances,” the statement said.
The opposition party called on the World Bank, IMF and other international lenders, including China and the United States, to withhold fresh credit facilities from the Tinubu administration.
The APM argued that such loans would not be in the national interest, insisting that Nigerians had resolved to vote out the APC administration in 2027.
“Nigerians have reached unanimity to vote out the Tinubu-led APC administration in January 2027. Such an ‘outgoing’ administration should not be entrusted with any credit facility on behalf of our nation,” it said.
The party, however, said its presidential candidate, Seyi Makinde, would, if elected, prioritise transparency, fiscal discipline, productive investment and effective utilisation of public resources, while revamping the productive sector.
The APM said these measures would form part of what it described as a reset of governance aimed at improving the living conditions of Nigerians.
