The World Bank and other foreign lenders have been urged by the Allied Peoples Movement, or APM, to cease providing President Bola Tinubu with new loans since doing so would jeopardise Nigerians’ future.
Abubakar Yusuf, the party’s National Publicity Secretary, made this request in a statement on Tuesday.
It said that the Tinubu administration had a clear plan for paying back the debt accrued during its tenure.
Following the planned $1.5 billion World Bank credit, the party has questioned the administration’s capacity to pay off its mounting debt in the face of worsening economic conditions.
Encouraged
The opposition political party claimed that the strategy had instead corresponded with a weaker naira, decreased buying power, and pressure on the productive sector, criticising the ongoing borrowing despite higher receipts after the withdrawal of the petrol subsidy.
The APM claims that since Tinubu took office in 2023, Nigerians have had to put up with increased taxes as well as the price of food, electricity, transportation, healthcare, and other essentials.
Yusuf stated, “The APM vehemently denounces President Tinubu’s attempt to further mortgage the future of millions of Nigerians with a fresh $1.5 billion credit from the World Bank.”