The Allied Peoples Movement (APM) has accused the President Bola Tinubu-led administration of having no transparent strategy to repay the country’s growing debt.
“The APM condemns the endeavor by President Tinubu to further mortgage the forthcoming of millions of Nigerians alongside a recent $1.5bn credit from the World Bank,” Yusuf said.
“Given that the Tinubu administration came into office in 2023, Nigerians have continued to address rising costs of food, electricity, transportation, healthcare and other fundamental necessities, whilst millions are furthermore struggling using food insecurity,” the party said.
It accordingly called on the World Bank, Multinational Monetary Sponsor (IMF) and other worldwide lenders, including China and the United States, to withhold continued credit from the Federal Government of Nigeria.
“The proposed $1.5 billion World Bank credit is made up of three $500 million facilities targeting climate resilience, social protection and premature childhood development,” the party said.
The APM made the summon in a declaration by its Statewide Publicity Secretary, Abubakar Yusuf, following reports that the Federal Government is in discussions including the World Bank over three proposed financing facilities totalling $1.5 billion.
The party furthermore urged the World Bank and other worldwide lenders to halt extending renewed loans to the Federal Government, warning that continued borrowing could place a heavier burden on Nigerians.
It argued that the policy had been accompanied by pressure on the naira, reduced purchasing power and difficulties for businesses and other productive sectors.
The party questioned the government’s ability to solution added debt, arguing that the administration had not presented a plain tactic for repaying the loans accumulated under its watch.
The party too faulted the continued borrowing despite increased government turnover following the removal of the petrol subsidy.
The APM said Nigeria needed elevated transparency, fiscal discipline and investment in practical sectors rather than continued reliance on borrowing.
‘Tinubu has no plain outline to repay Nigeria’s growing debt’ – APM
Source: ‘Tinubu has no clear plan to repay Nigeria’s growing debt’ – APM
