Anambra State Governor, Prof. Chukwuma Soludo, has revealed that his administration opted out of an existing World Bank loan agreement to prevent the state from falling into a “debt overhang.” During an inspection tour of the ongoing Government House and Governor’s Lodge project in Awka, Soludo emphasized that his government had not borrowed from any financial institution and had also declined the Federal Government’s loan offer to states in 2024.
Soludo highlighted that Anambra is the only state that withdrew from a pre-existing World Bank loan arrangement, which was signed before he took office. He reviewed the loan terms and found them unsustainable, stating that 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.
Despite refusing to take on additional debt, Soludo’s administration remains committed to ambitious, people-oriented projects. 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.
Soludo further noted his administration’s achievements in infrastructure, stating that over 750 kilometers of roads had been constructed, with 410 kilometers already completed. He reaffirmed his commitment to financial transparency, assuring Anambra residents that every kobo spent would be accounted for.