Why Anambra Rejected World Bank Loan and ₦438bn FG Facility – Gov Soludo

Governor Chukwuma Soludo reveals the real reasons Anambra State turned down a World Bank loan and the Federal Government’s ₦438 billion facility.

The Governor of Anambra State, Prof. Chukwuma Soludo, revealed that his government intentionally withdrew from a current World Bank loan agreement to avoid creating a “debt overhang” for the state.

During an inspection tour on Sunday of the ongoing Government House and Governor’s Lodge project in Awka, Soludo spoke to members of the late Senator Ifeanyi Ubah Media Team.

He emphasized that since taking office, his government has not taken loans from any financial institutions and even declined the Federal Government’s loan offer to states in 2024.

The former Central Bank of Nigeria governor stated that his administration continues to dedicate itself to ambitious, people-focused projects while choosing not to incur additional debt.

Soludo stated, “You might find it interesting that Anambra is the only state to have withdrawn from an existing World Bank loan agreement that was signed before I assumed office.”

I examined the loan terms and determined they were unsustainable. Although continuing with it might have been straightforward, as future generations would shoulder the responsibility, those terms made it a poor deal for Anambra.

“Last year, N438bn was shared among 35 states, with Anambra being the sole state that declined to accept it. ‘I need money, but I refuse to put my state into financial bondage,’ he added.”

Soludo emphasized his administration’s initiatives to establish a permanent Government House and Governor’s Lodge for Anambra, 34 years following the state’s creation.

He regretted that previous administrations had been based in a construction company’s office while the Governor’s Lodge was situated outside of Awka.

“The new facility is a remarkable project featuring approximately 34 buildings, designed to endure for the next two centuries—much like the White House in America,” he remarked.

He additionally highlighted his administration’s accomplishments in infrastructure, mentioning that more than 750 kilometers of roads had been built, with 410 kilometers already finished.

Soludo stated, “We have made notable progress in education, healthcare, youth empowerment, and social reorientation. Our aim is to restore the value of dignity in labor while addressing the rising ‘get-rich-quick’ mindset that is adversely affecting our young people.”

He reiterated his dedication to financial transparency, promising the residents of Anambra that every kobo spent would be fully accounted for.

Representing the Ubah media team, Mr. Kamen Ogbonna praised Soludo’s accomplishments, emphasizing that these advancements were achieved without resorting to borrowing.

“The sheer scale of the Government House and Governor’s Lodge project explains why previous governors steered clear of it,” Ogbonna noted.

Nollywood actors, such as Steve Alajemba (Uwaezuoke) and Collins Monago, who participated in the tour, also commended Soludo’s efforts.

They encouraged the residents of Anambra to back his administration as the state gears up for the governorship election on November 8.