APM urges World Bank to block Nigeria's $1.5bn loan request amid rising debt
The Allied Peoples Movement (APM) called on the World Bank and other international lenders not to extend fresh credit to Nigeria's federal government, warning that new loans would deepen the country's debt burden. The party's National Publicity Secretary, Abubakar Yusuf, made the appeal in a statement on Tuesday, citing Nigeria's total public debt of ₦166.79 trillion as of June 2026, up from ₦159.35 trillion at the end of March.
APM's concern stems from three proposed World Bank facilities totalling $1.5 billion, each $500 million, focused on climate resilience, social protection, and early childhood development. The most advanced is an additional $500 million for the Agro-Climatic Resilience in Semi-Arid Landscapes (ACReSAL) project, slated for World Bank consideration on 29 October, which would raise ACReSAL's total financing from $700 million to $1.2 billion if approved. The other two facilities remain in preparation stages.
The party accused the Tinubu administration of relying on borrowing despite increased revenues from petrol subsidy removal, alleging diverted funds to private interests and linking the debt drive to worsening food insecurity, citing WFP projections of 35 million Nigerians facing acute or severe hunger in 2026. APM urged lenders to withhold credit, arguing the government should not incur more obligations ahead of the 2027 elections.
With Nigeria's debt rising by ₦7.44 trillion in three months and millions facing hunger, should international lenders heed APM's call to block new loans, or is borrowing still essential for development projects?