APM Warns World Bank Against New Tinubu Loans, Calls It Mortgaging Nigeria's Future
The Allied Peoples Movement (APM) has urged the World Bank and other international lenders to halt new loans to President Bola Tinubu's administration, warning that such borrowing would mortgage Nigeria's future. In a statement by National Publicity Secretary Abubakar Yusuf on Tuesday, APM accused the Tinubu government of lacking a clear debt repayment strategy despite accumulating significant obligations.
The opposition party specifically criticized the proposed $1.5 billion World Bank credit, questioning Nigeria's ability to service growing debt amid worsening economic conditions. APM argued that continued borrowing contradicts increased revenues from petrol subsidy removal, which they claim has coincided with a weaker naira, declining purchasing power, and pressure on productive sectors.
According to APM, Nigerians have faced rising taxes and increased costs for food, electricity, transportation, healthcare, and other basic necessities since Tinubu assumed office in 2023. Yusuf stated: 'The APM strongly 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.'
This warning highlights growing concern about Nigeria's debt sustainability and its impact on citizens' economic well-being.