The Allied Peoples Movement (APM) has urged the World Bank and other international lenders to halt plans to extend new loans to President Bola Tinubu’s administration, warning that such borrowing would jeopardize Nigeria’s economic future.
In a statement issued by its National Publicity Secretary, Abubakar Yusuf, the party criticized the government’s request for a proposed $1.5 billion World Bank credit.
APM argued that the Tinubu administration lacks a clear repayment strategy, raising concerns about Nigeria’s mounting debt burden amid worsening economic hardship.
The opposition party noted that despite increased revenues from the removal of petrol subsidies, the nation has witnessed a weaker naira, declining purchasing power, and mounting pressure on the productive sector.
It condemned the government’s reliance on borrowing while Nigerians grapple with rising taxes and soaring costs of food, electricity, transportation, healthcare, and other essentials.
“The APM strongly condemns the attempt by President Tinubu to further mortgage the future of millions of Nigerians with a fresh $1.5bn credit from the World Bank,” Yusuf declared.
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