APM Calls for Withholding of $1.5bn World Bank Loan to Nigeria

The Allied Peoples Movement (APM), a Nigerian political party, has called on the World Bank and other international lenders to withhold a fresh $1.5bn loan request by the Tinubu administration, according to multiple news outlets. The call comes amid growing concerns over Nigeria’s rising debt profile.

The APM argues that granting this loan would further exacerbate Nigeria’s already precarious debt situation. They contend that the country needs to focus on domestic revenue mobilization and fiscal discipline instead of relying heavily on foreign loans.

It remains unclear whether other international lenders have been similarly approached by the APM, or if they share the party’s concerns about Nigeria’s debt situation. The World Bank has not yet responded publicly to the APM’s request to withhold the loan.

This development underscores the ongoing debate over Nigeria’s debt strategy and the need for prudent fiscal management in the face of mounting financial obligations.