Anambra State Governor, Charles Soludo, has revealed that his administration opted out of a $438 million World Bank loan arrangement shared among 35 states in Nigeria, citing unfavorable terms and conditions. Soludo made this disclosure over the weekend during a tour of the ongoing construction of the new Government House in Awka North Local Government Area, accompanied by leaders of the late Ifeanyi Ubah political groups and some Nollywood actors and actresses.
The governor stated that upon assuming office, he reviewed the loan terms and concluded that they were detrimental to the interests of Anambra State. “When I came in as governor and looked at the terms and conditions of those loans, I said it was not favorable to our people. This is a bad deal for my people. Some might say, ‘Let me collect the loans; after all, it is the next generation that will pay.’ But I don’t have that kind of conscience. I felt the terms were a bad deal for Ndi Anambra, and I told them we don’t need it,” Soludo explained.
He emphasized that while funding is essential for government projects, he would not accept loans that mortgage the future of the state and its unborn generations. “Late last year, $438 million was shared among 35 states in Nigeria, but Anambra was the only state that did not collect. We don’t need to continue to mortgage the state with such loans,” he added.
Soludo also highlighted the unique challenges faced by Anambra State, noting that it is the only state in Nigeria where the governor’s lodge is located outside the capital. He revealed that the state has operated without a permanent government house for 34 years, with the current makeshift building provided by the construction company that built the Enugu-Onitsha expressway. “For 34 years, Anambra had no government house and no governor’s lodge. The present government house is owned by the company that constructed the Enugu-Onitsha expressway,” he said.
The governor expressed pride in the ongoing construction of the new Government House, which he described as one of the best in the country. The complex, sitting on 23 hectares of land, comprises 34 buildings and is designed to last for 250 years. Soludo also disclosed that the project is being funded without borrowing, underscoring his commitment to judicious use of state resources. “Any money handed to me on behalf of the state must be utilized for the good of the people of Anambra,” he stated.
