Governor Chukwuma Soludo of Anambra has revealed that his administration withdrew from a World Bank loan agreement to avoid “debt overhang”.
Soludo explained that this decision was made to save the state from accumulating excessive debt. Interestingly, his administration has also declined to borrow from any bank or institution, and even turned down the Federal Government’s loan offer to states in 2024.
By taking this stance, Soludo aims to maintain a stable financial foundation for Anambra and avoid potential debt crises.
Addressing members of the Late Sen. Ifeanyi Ubah Media team who were on inspection of the ongoing Government House on Sunday, Soludo had this to say: “I looked at the terms of the loan and I said it was not sustainable; 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.
“Last year N438 billion was distributed to 35 states, Anambra was the only state that did not take it. I need money but I cannot borrow my state into slavery,” he said.
Soludo said he was giving Anambra a permanent Government House and Governor’s Lodge 34 years after it was created, expressing regret that the facilities had exited at a construction company office and outside Awka respectively.
He said that it was a magnificent project with about 34 buildings which were being built to last, such that in the next 200 years, they would still be standing like the White House in America.
“I said 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,” he said.
