By Abiola Olawale
Governor Chukwuma Soludo of Anambra State has revealed the reasons behind his administration’s decision to pull out of a pre-existing World Bank loan arrangement.
The Governor cited unfavourable terms and a commitment to fiscal responsibility. Speaking during an inspection of an ongoing Government House and Governor’s Lodge project in Awka, Soludo emphasized that his administration aims to shield the state from unsustainable debt while still pursuing ambitious development projects.
Soludo disclosed that the loan agreement, which was signed before he assumed office in March 2022, contained terms he deemed detrimental to Anambra’s long-term financial health.
He said: “The terms and conditions of the World Bank loans were not favourable for the people of Anambra, so we decided to pull out.
“When I assumed office as governor and reviewed the terms and conditions of those loans, I realised they were not in the best interest of our people. This is a bad deal for my people.
“However, one could say, ‘Let me collect the loans; after all, it is the next generation that will pay.’ I don’t have that kind of conscience. I felt the terms were a bad deal for Ndi Anambra, and I told them we didn’t need it.
“Late last year, they shared 438 million dollars among 35 states in Nigeria, but Anambra was the only state that did not collect. We don’t need to continue mortgaging the state with such loans.”
He noted that Anambra was the only state in Nigeria to withdraw from such a World Bank facility, underscoring his resolve to prioritize the state’s economic independence over short-term gains.
“This Government House and Governor’s Lodge project is a testament to what we can achieve without borrowing. For 34 years since Anambra was created, we’ve lacked a befitting seat of government. Now, we’re building a mini-city of 34 buildings designed to last 200 years, like the White House,” Soludo said, adding that the project symbolizes his administration’s focus on delivering enduring public value.
