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Governor Chukwuma Soludo of Anambra State has revealed that his administration chose to withdraw from an existing World Bank loan agreement to prevent the state from falling into excessive debt.
Speaking during an inspection of the ongoing Government House and Governor’s Lodge project in Awka, Soludo emphasized that his government has refused to borrow from any financial institution, including the Federal Government’s loan offer to states in 2024.
He explained that while borrowing was an easy option, he rejected it because the terms of the World Bank loan were unfavorable for Anambra.
“It may interest you to know that Anambra is the only state that pulled out of an existing World Bank loan agreement that was signed before I took office,” Soludo said. “I looked at the terms and found them unsustainable. It would have been easy to continue because the next generation would bear the burden, but I refused to put Anambra in financial slavery.”
He further disclosed that in 2023, N438 billion was allocated to 35 states, but Anambra was the only state that did not take any of it. “I need money, but I cannot borrow my state into slavery,” he reiterated.
Despite refusing to take loans, Soludo highlighted his administration’s ambitious infrastructure and development projects, which are progressing steadily. He noted that Anambra is finally getting a permanent Government House and Governor’s Lodge, 34 years after the state was created.
“Our new Government House and Governor’s Lodge are being built to last for centuries, just like the White House in the United States,” he stated. “This project is massive, with about 34 buildings that will stand strong for the next 200 years.”
The governor also pointed to his administration’s achievements in road construction, stating that over 750 kilometers of roads have been worked on, with 410 kilometers already completed. He added that his government is focusing on neglected areas that had never seen tarred roads before.
Beyond infrastructure, Soludo said his administration is also prioritizing education, healthcare, youth empowerment, and restoring societal values. He expressed concern over the growing “get-rich-quick” mentality among youths and reaffirmed his commitment to promoting dignity in labor.
“I promised Anambra people that I would show them how every Kobo is being spent, and I am keeping that promise,” he assured.
Kamen Ogbonna, leader of the Ubah Media team, commended Soludo’s achievements, particularly his ability to execute large-scale projects without borrowing. “The magnitude of the Government House and Governor’s Lodge project explains why other governors avoided it,” he remarked.
With three years in office and no debt burden, Soludo’s leadership approach continues to attract attention, raising discussions on financial prudence and sustainable governance in Nigeria.
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