The Allied Peoples Movement (APM) has raised concerns over Nigeria’s proposed $1.5bn financing from the World Bank, urging international lenders to withhold fresh credit to the Federal Government.
The call came as Nigeria’s public debt rose to N166.79tn at the end of June 2026, according to the latest figures from the Debt Management Office (DMO). The figure increased from N159.35tn recorded at the end of March.
The Federal Government is currently discussing three proposed World Bank financing facilities valued at $500m each, covering climate resilience, social protection and early childhood development.
One of the facilities, an additional $500m financing for the Agro-Climatic Resilience in Semi-Arid Landscapes (ACReSAL) project, is scheduled for consideration by the World Bank board on October 29, 2026. The other two facilities are still at different stages of preparation.
Reacting to the proposed financing, APM National Publicity Secretary, Abubakar Yusuf, said the party was concerned that additional borrowing could increase the country’s debt burden.
The opposition party questioned the government’s ability to service its existing obligations while taking on additional loans.
APM also criticised the Federal Government over what it described as worsening economic hardship, citing increases in the cost of food, transportation, electricity, healthcare and other basic necessities.
The party further alleged that previous borrowed funds had not translated into sufficient improvements in infrastructure and living conditions. The allegation was made by APM without providing specific evidence in its statement.
APM subsequently called on the World Bank, International Monetary Fund and other international lenders to withhold fresh credit facilities to the Nigerian government.
The party also linked its concerns to Nigeria’s food security situation, citing projections that about 35 million Nigerians could face acute and severe food insecurity during the 2026 lean season. The figure is consistent with World Food Programme projections, although the APM made additional claims about the number of Nigerians unable to afford daily meals that were not supported by evidence in its statement.
The proposed $1.5bn financing should not be confused with an already approved single $1.5bn loan. Available World Bank documents indicate that the amount represents three separate proposed facilities, with the individual projects at different stages of consideration.
