APM asks lenders to reject Nigeria’s proposed $1.5bn loans

The Allied Peoples Movement has called on the World Bank and other international lenders to withhold proposed new loans for Nigeria, citing the country’s rising debt and economic hardship. The opposition party’s national publicity secretary, Abubakar Yusuf, made the appeal in a statement on Tuesday. It followed reports that the Federal Government was discussing three World Bank facilities worth a combined $1.5bn.

The proposed loans comprise $500m each for climate resilience, social protection and early childhood development, according to World Bank documents cited in the report. The first facility, additional financing for an agro-climatic resilience project, is scheduled for consideration by the World Bank board on October 29, 2026. APM said Nigeria’s public debt had risen to N166.79tn by the end of June 2026.

It argued that further borrowing could increase pressure on citizens and weaken the productive sector. The party also criticised the administration of President Bola Tinubu over the cost of food, transport, electricity, healthcare and other necessities. It said the government had continued to borrow despite increased revenue following the removal of the petrol subsidy.

APM cited a World Food Programme assessment that about 35 million Nigerians were expected to face acute food insecurity in 2026. It also alleged that loan funds intended for public purposes were diverted, although the supplied material contains no response from the government to that allegation. The party urged the World Bank, IMF and other international lenders, including China and the United States, not to extend new credit to the administration.

It said any borrowing should serve Nigerians’ interests and called for transparency, fiscal discipline and productive investment. APM said its presidential candidate, Seyi Makinde, would pursue those priorities if elected in 2027. The proposed loans remain subject to the relevant approval processes described in the source material.