The governor of Anambra State Chukwuma Soludo, has revealed that his administration intentionally opted out of an existing World Bank loan agreement to prevent the state from falling into a “debt overhang.”
While speaking on Sunday during an inspection tour of the ongoing Government House and Governor’s Lodge project in Awka, Soludo addressed members of the late Senator Ifeanyi Ubah Media Team.
He reiterated that his government has not borrowed from any financial institution since taking over the baton of leadership and even turned down the Federal Government’s loan offer to states in 2024.
Soludo said his administration remains committed to ambitious, people-oriented projects despite refusing to take on additional debt.
“It may interest you to know that Anambra is the only state that withdrew from a pre-existing World Bank loan arrangement, which was signed before I took office,” Soludo stated.
“I reviewed the loan terms and found them unsustainable. 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.
“Last year, N438bn was distributed among 35 states, and Anambra was the only one that did not accept it. I need money, but I cannot borrow my state into slavery,” he added.
He highlighted his administration’s efforts to provide Anambra with a permanent Government House and Governor’s Lodge—34 years after the state’s creation.
He expressed regret that previous administrations had operated from a construction company’s office while the Governor’s Lodge was located outside Awka.
“The new facility is a magnificent project comprising about 34 buildings, designed to last for the next 200 years—just like the White House in America,” he said.
He further noted his administration’s achievements in infrastructure, stating that over 750 kilometers of roads had been constructed, with 410 kilometres already completed.
“We have also made significant strides in education, healthcare, youth empowerment, and social reorientation. Our goal is to restore the value of dignity in labor and combat the growing ‘get-rich-quick’ mentality that is negatively impacting our youth,” Soludo said.
He reiterated his commitment to financial transparency, assuring Anambra residents that every kobo spent would be accounted for.
However, speaking on behalf of the Ubah media team, Mr. Kamen Ogbonna commended Soludo’s achievements, particularly noting that such progress had been made without borrowing.
“The magnitude of the Government House and Governor’s Lodge project shows why past governors avoided it,” Ogbonna said.