Governor Chukwuma Soludo of Anambra State has announced that his administration opted out of a pre-existing loan arrangement with the World Bank in a bid to protect the state from falling into a “debt overhang.” Speaking on Sunday during an inspection of the ongoing Government House and Governor’s Lodge project in Awka, Soludo explained that he refused to borrow further funds from any bank or institution, as well as to access the Federal Government loan programme for states in 2024.
According to Soludo, the decision to pull out of the World Bank loan was not easy but necessary. “I looked at the terms of the loan and I said it was not sustainable,” he said. “It was easy to continue with it because the next generation will pay, but based on the terms, it was a bad deal for Anambra.”
Soludo’s administration has chosen a bold path of fiscal discipline, turning down the opportunity to borrow from any source despite the growing financial needs of the state. The governor pointed out that in 2024, the Federal Government distributed N438 billion among 35 states, but Anambra was the only state that did not take the loan.
While many states were eager to access the funds, Soludo remained steadfast in his belief that borrowing money, especially under unsustainable terms, would place the state in a perilous financial situation. “I need money, but I cannot borrow my state into slavery,” Soludo stated firmly.
The governor’s decision is part of a broader strategy aimed at ensuring Anambra’s long-term financial stability and independence. He mentioned that his administration had worked hard to pursue various people-oriented projects without the burden of additional debt.
One of the most significant developments under Soludo’s leadership is the construction of Anambra’s permanent Government House and Governor’s Lodge in Awka. Soludo described the project as long overdue, noting that it had been 34 years since the state’s creation, and the facilities had previously been housed in temporary offices and locations outside Awka.
“This is a magnificent project with about 34 buildings being built to last,” Soludo explained. He likened the buildings to the White House in the United States, suggesting that they were designed to stand for the next 200 years. “We are going to break the jinx and we are doing that with the biggest and the best that somebody said is going to be like a mini-city,” Soludo said, stressing the importance of creating lasting infrastructure for the people of Anambra.
In addition to the Government House, Soludo outlined significant progress in infrastructure development across the state. He proudly mentioned that over 750 kilometres of roads had been built, with 410 kilometres already completed. The governor focused on regions that had never seen tarred roads in their entire history, stressing that his administration was committed to equitable development across Anambra.
“We have touched education, health, youth empowerment, social reorientation, and bringing back our values of dignity in labour against this new ‘get-rich-quick’ mentality that is destroying our youths,” he said. Soludo emphasized his commitment to making sure that every penny allocated to his administration was used wisely and transparently.
During the inspection, the media team of the late Senator Ifeanyi Ubah expressed their admiration for Soludo’s work. Mr Kamen Ogbonna, the leader of the Ubah media team, praised the governor’s progress, particularly noting the magnitude of the Government House and Governor’s Lodge project. “The magnitude of the Government House and Governor’s Lodge will tell you why other governors carefully avoided the project,” Ogbonna said, recognising the significant challenge and scale of the undertaking.
Nollywood stars Steve Alajemba (Uwaezuoke) and Collins Monago, who were also present, lauded Soludo for his vision and his bold steps toward development. The entertainers urged the people of Anambra to continue supporting the governor and his vision for the state, especially as the November 8 gubernatorial election approaches.
Governor Soludo’s efforts to avoid borrowing while implementing large-scale infrastructure projects highlight his unique approach to governance. His administration has made it clear that it is prioritising the long-term interests of the state over short-term solutions that could lead to crippling debt.