The administration of President Bola Tinubu has been accused by the Allied Peoples Movement (APM) of lacking a clear plan to pay back the nation’s mounting debt.
Additionally, the party warned that further borrowing could put a greater burden on Nigerians and asked the World Bank and other foreign lenders to cease making new loans to the Federal Government.
In response to allegations that the Federal Government is in talks with the World Bank regarding three proposed funding facilities worth $1.5 billion, the APM issued a statement through its National Publicity Secretary, Abubakar Yusuf.
The party stated, “The proposed $1.5 billion World Bank credit is composed of three $500 million facilities targeting early childhood development, social protection, and climate resilience.”
The opposition contended that the administration had not provided a clear plan for paying back the loans accrued while it was in power, raising doubts about the government’s capacity to service more debt.
“The APM denounces President Tinubu’s attempt to further mortgage the future of millions of Nigerians with a new $1.5 billion World Bank credit,” Yusuf stated.
The party also criticised the government’s continuous borrowing in spite of more earnings when the petrol subsidy was eliminated.
It said that the policy had resulted in challenges for companies and other productive sectors, pressure on the naira, and decreased purchasing power.
The party stated, “Since the Tinubu administration took office in 2023, Nigerians have continued to face rising costs of food, electricity, transportation, healthcare, and other basic necessities, while millions are also struggling with food insecurity.”
As a result, it urged the World Bank, the International Monetary Fund (IMF), and other foreign lenders, such as China and the US, to stop giving the Federal Government of Nigeria more loans.
Instead of continuing to rely on borrowing, the APM stated that Nigeria required more openness, budgetary restraint, and investment in profitable industries.