The Allied Peoples Movement has called on the World Bank and other international lenders to protect the interests of more than 200 million Nigerians by withholding approval for fresh loan requests from President Bola Ahmed Tinubu’s administration.

Describing the All Progressives Congress-led administration as “squandermaniac,” the APM condemned what it described as President Tinubu’s attempt to further “mortgage the future of millions of Nigerians” through a fresh $1.5bn World Bank loan. The party said the administration had yet to present a clear strategy for repaying the more than N166.7tn debt it said had accumulated under Tinubu’s leadership.

In a statement by its National Publicity Secretary, Abubakar Yusuf, the party said it was “unacceptable” that the Tinubu administration was pursuing more borrowing despite generating trillions of naira from the removal of the petrol subsidy. It accused the government of having a “morbid appetite for borrowing,” arguing that the policy had weakened the naira, undermined the productive sector and reduced the purchasing power of average Nigerians.

The opposition party said it was distressing that, although the APC administration often claimed the loans were obtained for legitimate purposes, “most of the funds are diverted to the private pockets of a corrupt cabal.” It alleged that Nigerians continued to grapple with deteriorating infrastructure and unemployment, with more than 140 million people unable to afford their daily meals.

“Since President Tinubu assumed office in 2023, Nigerians have endured extreme hardship, excessive taxes, and the high cost of electricity, transportation, food, basic Medicare and other necessities of life.

“The scale of the food crisis is reflected in the assessment of the World Food Programme, which estimates that about 35 million Nigerians face acute food insecurity in 2026.” APM said.

The APM lamented that, more disturbing was what it described as President Tinubu’s “calamitous misrule”, which it said had plunged the country into misery and a “dark tunnel of uncertainty”. The party also accused the APC of making false claims about its performance while seeking to contest the 2027 presidential election.

The APM therefore called on international financial institutions, stating, “World Bank, the International Monetary Fund and other international lenders such as China, the United States, among others, not to give any fresh credit to the Tinubu administration, as such is not in the general interest of our nation.

“Nigerians have reached unanimity to vote out the Tinubu-led APC administration in January 2027. Such an ‘outgoing’ administration should not be entrusted with any credit facility on behalf of our nation.”