APM Urges World Bank to Withhold Fresh Loans to Tinubu Administration

The Allied Peoples Movement (APM) has called on the World Bank and other international lenders to withhold fresh financing to the Federal Government, citing concerns over Nigeria’s rising public debt and a proposed $1.5 billion financing package.

The party made the call in a statement issued on Tuesday by its National Publicity Secretary, Abubakar Yusuf, following reports that the Federal Government was in discussions with the World Bank over three proposed financing facilities worth a combined $1.5 billion.

According to reports based on World Bank documents, the proposed facilities comprise three separate $500 million packages focusing on climate resilience, social protection and early childhood development.

One of the proposals is an additional $500 million financing for the Agro-Climatic Resilience in Semi-Arid Landscapes (ACReSAL) project. The World Bank has scheduled October 29, 2026, for consideration of the financing by its board.

The proposed financing comes as Nigeria's total public debt stood at ₦166.79 trillion as of June 30, 2026, according to the Debt Management Office.

Reacting to the proposed borrowing, the APM argued that additional debt could increase the financial burden on the country and worsen economic pressures facing Nigerians.

“The Allied Peoples Movement has entreated the World Bank and other international lenders to protect the interests of over 200 million Nigerians by withholding fresh loans from the ‘squandermaniac’ All Progressives Congress administration led by President Bola Ahmed Tinubu,” Yusuf said.

The party also questioned the government's borrowing plans and argued that additional loans should not be contracted without clear measures for managing and servicing the country's debt.

APM further criticised the government's economic policies, alleging that Nigerians were facing increased costs of food, transportation, electricity, healthcare and other basic necessities.

The party also alleged that public funds had been mismanaged and accused the administration of failing to adequately address unemployment and infrastructure challenges. Those allegations are political claims by the APM and have not been established by the court or other independent findings cited in the statement.

The APM's position comes amid continuing concerns over food insecurity in Nigeria. The World Food Programme estimates that nearly 35 million Nigerians are projected to face acute and severe food insecurity during the 2026 lean season.

The party therefore urged international financial institutions, including the World Bank and International Monetary Fund, as well as other international lenders, to reconsider extending new credit to the Federal Government.

However, the proposed $1.5 billion World Bank financing has not been approved as a single loan package. The three facilities are at different stages of preparation, with the ACReSAL additional financing the most advanced of the proposals.

The APM also criticised the ruling All Progressives Congress ahead of the 2027 general elections and called on Nigerians to assess the government's record when making their political choices.

The party's call for lenders to withhold financing represents its political position on the government's borrowing programme.