By Jelili Gbadamosi
The Allied Peoples Movement (APM) has called on the World Bank, International Monetary Fund (IMF) and other international lenders to suspend fresh lending to the Nigerian government over concerns about the country’s rising debt burden.
The party’s National Publicity Secretary, Abubakar Yusuf, made the call in a statement issued in response to reports that the Federal Government is negotiating with the World Bank for three financing facilities valued at $1.5 billion.
The proposed facilities, according to the APM, comprise three $500 million credits targeting climate resilience, social protection and early childhood development.
The party questioned the government’s capacity to service additional borrowing, alleging that the Tinubu administration had yet to provide a clear repayment strategy for the debts accumulated since it assumed office in 2023.
Yusuf argued that continued borrowing could increase the financial burden on Nigerians, particularly amid rising costs of food, electricity, transportation, healthcare and other essential services.
The APM also linked its concerns to the economic impact of the removal of the petrol subsidy, arguing that although government revenue had increased, Nigerians continued to face pressure from reduced purchasing power, naira volatility and difficulties confronting businesses and productive sectors.
The party therefore urged international lenders, including the World Bank, IMF, China and the United States, to exercise caution in extending new credit to the Federal Government.
It said Nigeria should prioritise transparency, fiscal discipline and investment in productive sectors as alternatives to continued dependence on borrowing.
