APM urges lenders to withhold proposed Nigeria financing

The Allied Peoples Movement has urged the World Bank and other international lenders to withhold new financing for Nigeria, as the country’s public debt reached ₦166.79 trillion at the end of June. The party’s appeal concerns three proposed World Bank facilities worth $500 million each, which remain at different stages of preparation and have not been approved as a single $1.5 billion loan. Abubakar Yusuf, the APM’s national publicity secretary, said in a statement on September 29 that additional borrowing by President Bola Tinubu’s administration could increase the country’s debt burden. The party argued that lenders should consider existing obligations and the economic pressures facing Nigerians before extending fresh credit. World Bank documents describe the proposed facilities as financing for climate resilience, social protection and early childhood development. The most advanced is an additional $500 million for the AgroClimatic Resilience in Semi-Arid Landscapes project, known as ACReSAL. The World Bank is scheduled to consider that proposal on October 29, 2026; a decision has not been reported.