Nigeria’s Allied Peoples Movement has called on the World Bank and other international lenders to withhold fresh credit from President Bola Tinubu’s administration, arguing that further borrowing would deepen the country’s debt burden and leave future Nigerians carrying the cost.
In a statement issued on September 29, 2026, APM National Publicity Secretary Abubakar Yusuf said the party was responding to reports that the Federal Government is discussing three World Bank facilities worth a combined $1.5 billion. The proposed financing is linked to climate resilience, social protection and early childhood development, with $500 million reported for each area.
The party described the proposed borrowing as unacceptable at a time when Nigeria’s total public debt had reached N166.79 trillion by the end of June, according to figures recently published by the Debt Management Office. APM said the government should demonstrate how existing obligations will be repaid and how new funds would translate into measurable benefits for citizens before seeking additional credit.
Its statement used strong language against the administration and alleged that loan funds had not produced sufficient improvements in infrastructure, employment or household welfare. Those allegations represent the opposition party’s political position. APM did not provide evidence in its statement establishing that the proposed facilities had been diverted or misused, and no court or official audit finding was cited to support that claim.
The immediate issue is not a loan already approved by the World Bank but discussions around possible new financing. Reporting on the talks said the three proposed operations would each be valued at $500 million. One of them, additional financing for the Agro-Climatic Resilience in Semi-Arid Landscapes project, is listed for World Bank board consideration on October 29. Board consideration does not itself mean approval, and the World Bank had not publicly announced a final decision on the three facilities at the time of the APM statement.
The climate-resilience component is intended to support adaptation in areas affected by environmental pressures, while the social-protection and early-childhood proposals are linked to programmes aimed at vulnerable households and young children. The eventual terms, implementation arrangements, disbursement conditions and safeguards would be important in assessing the potential effect of any approved financing. These details should be set out by the government and lender before public money is committed.
APM’s intervention comes during a period of intense debate over borrowing, public spending and the cost of living. Nigeria has faced sharply higher prices for food, transport, electricity and other essentials since the removal of petrol subsidy support and exchange-rate reforms introduced early in the Tinubu administration. The government has maintained that the reforms are necessary to restore fiscal stability, improve revenue and attract investment, while many households have experienced the immediate strain of higher costs.
The World Bank has been a major development partner for Nigeria and has supported projects ranging from social assistance and education to power, agriculture and infrastructure. In June, the bank endorsed a new Country Partnership Framework for Nigeria covering 2026 to 2032, alongside $1.25 billion in financing intended to support jobs and private-sector investment. The framework emphasises energy access, digital infrastructure, agricultural services and policies aimed at strengthening economic resilience.
Concessional development finance can fund projects over long periods and includes oversight requirements. It nevertheless adds to public obligations unless structured as a grant, and the economic value depends on transparent procurement, effective delivery and whether projects achieve their stated goals.
Nigeria’s debt figure combines domestic and external obligations and can move with exchange rates as well as new borrowing and repayments. That makes it important to distinguish the naira value of total debt from the amount owed to a particular lender. APM referred to the overall debt stock in pressing its case; the reported $1.5 billion under discussion is a separate proposed package, not the total amount Nigeria owes the World Bank.
The party called on the World Bank, the International Monetary Fund and other creditors to deny the government fresh credit. It also argued that revenues available after the removal of the petrol subsidy should reduce the need for borrowing. The government has consistently said subsidy removal was designed to end an expensive system and free resources for public priorities, although the distribution and effectiveness of those resources remain a central subject of public scrutiny.
The Federal Government did not issue a publicly reported response specifically addressing APM’s September 29 statement. Its broader position has been that its economic programme seeks to stabilise public finances, boost investment and protect vulnerable people during reform. That stance will be tested against official budget documents, debt-service performance, project results and the lived experience of Nigerians.
For citizens, the significance of the dispute lies less in the political language than in whether any loan produces services and opportunities that justify its cost. Climate projects may matter to farming communities confronting drought or land degradation; social-protection programmes can affect families struggling with rising prices; and early-childhood investments can shape health, nutrition and learning. But the benefits depend on implementation reaching intended communities.
APM’s warning has therefore placed renewed attention on accountability rather than settled the question of the proposed facilities. Before any approval, Nigerians will need clear information on the projects, their costs, repayment terms, targets, monitoring systems and the agencies responsible for delivery. The World Bank and the Federal Government also face a clear public-interest obligation to explain how any new financing fits within a sustainable debt strategy.
The debate is likely to continue as the World Bank board calendar advances and Nigeria approaches further budget and policy decisions. What is confirmed for now is that the loans remain under discussion, the APM has asked lenders to withhold them, and Nigeria’s official debt stock is at a record naira level. Whether the proposed facilities proceed will depend on formal processes and decisions that had not been concluded when the party issued its warning.
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