The Allied Peoples Movement has called on the World Bank and other international lenders to withhold fresh loans to the Federal Government, citing concerns over Nigeria’s rising debt profile and the proposed $1.5bn World Bank financing.
In a statement issued on Tuesday by its National Publicity Secretary, Abubakar Yusuf, the APM criticised the planned borrowing amid Nigeria’s total public debt, which stood at N166.79tn as of June 2026, according to figures from the Debt Management Office.
The party was reacting to reports that the Federal Government was discussing three proposed World Bank facilities worth $1.5bn. The facilities comprise $500m each for climate resilience, social protection and early childhood development, with a proposed $500m additional financing for the Agro-Climatic Resilience in Semi-Arid Landscapes project scheduled for consideration by the World Bank board on October 29, 2026.
The APM argued that additional borrowing could worsen economic pressures on Nigerians. It alleged that the government had continued to borrow despite increased revenues following the removal of the petrol subsidy and claimed that the loans were not producing sufficient improvements in infrastructure and living conditions.
The party also criticised the administration over rising costs of food, transportation, electricity and other basic necessities. It cited World Food Programme projections that nearly 35 million Nigerians could face acute food insecurity during the 2026 lean season. WFP, however, attributes the food crisis to factors including conflict, climate shocks, displacement and weaknesses in local food systems.
The APM called on international financial institutions, including the World Bank and International Monetary Fund, as well as other lenders, to withhold new credit facilities to the Federal Government. It said such borrowing was not in the national interest and urged greater transparency and fiscal discipline in the management of public resources.
The party further said its presidential candidate, Seyi Makinde, would prioritise transparency, fiscal discipline, productive investment and efficient use of public resources if elected in 2027.
