Anambra State Governor, Prof. Chukwuma Soludo, has explained why his administration opted out of a World Bank loan and declined the Federal Government’s N438 billion loan offer to states in 2024.
Speaking during an inspection of the ongoing Government House and Governor’s Lodge project in Awka, Soludo emphasized that the decision was made to prevent Anambra from falling into a “debt overhang.”
“I reviewed the loan terms and found them unsustainable,” Soludo stated. “It would have been easy to continue with it since future generations would bear the burden, but based on those terms, it was a bad deal for Anambra.”
He further explained that Anambra was the only state to reject the World Bank loan, signed before he assumed office. Soludo added that while he acknowledged the state’s financial needs, he could not “borrow [the] state into slavery.”
Soludo also highlighted the significant progress his administration had made, including the construction of over 750 kilometers of roads, significant strides in education, healthcare, and youth empowerment, and plans for a permanent Government House that would last for the next 200 years.
“We are focused on ambitious, people-oriented projects,” Soludo said, reaffirming his commitment to financial transparency.