APM Rejects Fresh $1.5bn Loan, Questions Tinubu’s Debt Plan

The Allied Peoples Movement (APM) has criticised the Federal Government over Nigeria’s rising debt and questioned whether the President Bola Tinubu administration has a clear plan for repaying additional loans being considered from the World Bank.

The opposition party also called on the World Bank and other international lenders to stop approving new loans for Nigeria, arguing that continued borrowing could increase the financial burden on citizens.

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

Documents from the World Bank indicate that the proposed financing consists of three separate $500 million facilities. The projects are focused on climate resilience, social protection and early childhood development.

The APM questioned the Federal Government’s ability to service additional debt, saying the administration had not provided what the party considers a clear repayment plan for the loans accumulated since Tinubu assumed office.

The party argued that taking on more debt without a clear strategy for repayment could place additional pressure on future government revenues and increase the financial obligations facing Nigerians.

The APM also criticised the government’s continued reliance on borrowing despite the increase in public revenue following the removal of the petrol subsidy.

According to the party, the economic changes introduced by the Tinubu administration have also been followed by pressure on the naira, reduced purchasing power and difficulties for businesses and other productive sectors.

The opposition party further pointed to rising costs of food, electricity, transportation and healthcare as challenges facing Nigerians since the current administration came into office in 2023.

It also raised concerns about food insecurity and the effect of higher living costs on households across the country.

The APM therefore called on the World Bank, International Monetary Fund and other international lenders, including institutions and governments in China and the United States, to withhold further credit from the Nigerian government.

The party said Nigeria should focus more on transparency, responsible management of public funds and investment in productive areas of the economy instead of relying heavily on additional borrowing.

The call comes as Nigeria’s public debt stood at N166.79 trillion at the end of June 2026, according to figures cited in reports on the proposed World Bank financing. The Federal Government’s discussions with the World Bank involve three proposed facilities of $500 million each, although the facilities are at different stages of consideration and are not all approved loans yet.

The APM’s position adds to growing political debate over Nigeria’s borrowing plans, public debt and how the government intends to finance development programmes while managing existing financial obligations.