Anambra State Governor, Prof. Chukwuma Soludo, has announced that his administration has opted out of a World Bank loan, citing concerns over its long-term impact on the state’s financial health.
Soludo explained that after reviewing the loan’s terms, he concluded that accepting the funds could lead to unsustainable debt, making Anambra the only state in Nigeria to withdraw from the arrangement.
“When I assumed office and reviewed the loan’s terms, I realized they were unsustainable and not in the best interest of the people of Anambra. I would rather not burden future generations with debt,” he stated.
He added that rather than accepting the disbursement of N438 billion among 35 states last year, Anambra chose to forgo the funding in favour of safeguarding its fiscal future.
Speaking during an inspection of the new Government House and Governor’s Lodge under construction in Awka, Soludo emphasised his commitment to responsible financial management.
“I need money, but I cannot borrow my state into slavery,” he declared, emphasising his administration’s resolve to maintain financial independence while still pursuing ambitious, people-oriented projects.
“The new Government House, situated on 23 hectares of land and set to comprise 34 substantial buildings, reflects the need for a permanent official residence after 34 years of operating without one. For too long, the state has been housed in makeshift accommodations provided by a construction company,” Soludo noted.
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The project, he noted, is being executed without borrowed funds and is designed to serve the state for at least 250 years.
The governor also highlighted his administration’s progress in infrastructure, noting that over 750 kilometers of roads have been constructed, with 410 already completed.
He pointed to improvements in education, healthcare, and youth empowerment as further evidence of his commitment to sustainable development.
During the event, members of the late Senator Ifeanyi Ubah’s media team expressed support for Soludo’s leadership, commending his efforts to drive progress without relying on debt.
Soludo reassured residents that his administration remains focused on transparency and responsible governance, pledging that every expenditure would be accounted for.
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