The Allied Peoples Movement, APM, has called on the World Bank and other international lending institutions to reconsider granting fresh loans to the administration of President Bola Tinubu.
The opposition party argued that additional borrowing could place a greater debt burden on Nigerians and affect the country’s financial future.
The National Publicity Secretary of the APM, Abubakar Yusuf, made the position known in a statement on Tuesday.
The party expressed concern over the proposed $1.5 billion World Bank credit, questioning the government’s capacity to service its growing debt amid economic difficulties.
According to the APM, the Tinubu administration has not presented what it considers a clear strategy for repaying the debts accumulated under the current government.
The party also criticised continued borrowing despite increased government revenue following the removal of the petrol subsidy.
It argued that the policy had coincided with pressure on the naira, reduced purchasing power and difficulties for businesses and other productive sectors.
The APM further claimed that Nigerians had faced rising costs of food, electricity, transportation, healthcare and other basic necessities since Tinubu assumed office in 2023.
Yusuf said the party opposed what it described as further borrowing that could increase the financial obligations of future generations.
The APM therefore urged the World Bank and other international lenders to carefully consider the implications of extending additional credit to Nigeria under the current administration.
