APM Critiques Tinubu's Excessive Borrowing Practices

The APM, through its Director of Strategic Communications Richard Ihediwa, criticized President Bola Ahmed Tinubu's administration for its excessive borrowing practices, warning that it poses a threat to Nigeria's economic sovereignty and future generations. The organization expressed concern over the government's existing debt obligations and the lack of corresponding development or a credible repayment plan.

They cited several loans secured by the Tinubu administration, including a $750 million World Bank loan in 2023 for improving electricity supply, a $500 million loan for women's empowerment, an $800 million loan for conditional cash transfers, and a $700 million facility, all demanding transparency regarding their implementation and outcomes. The APM drew historical parallels to Egypt under Khedive Isma’il, whose reliance on foreign borrowing led to a severe debt crisis, urging caution against similar practices in Nigeria.

They lamented that President Tinubu is leaving behind a legacy of mounting debt rather than productive investments and economic stability.