Why I rejected World Bank, federal govt loans – Nigerian governor

Governor Charles Soludo of Anambra State says his administration rescinded an existing loan arrangement with the World Bank to save the state from a “debt overhang.”

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Mr Soludo said this while addressing members of the late Senator Ifeanyi Ubah Media team who were inspecting the ongoing Government House and Governor’s Lodge project in Awka on Sunday.

He said his administration had refused to borrow from any bank or institution and access a federal government loan to states in 2024.

He said that notwithstanding the development, his administration had embarked on ambitious and people-oriented projects at various stages of completion.

The governor said Anambra was the only state in Nigeria that pulled out of an existing World Bank loan, which he said was arranged and signed before he assumed office.

“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 would 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.

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Mr Soludo said he was giving Anambra a permanent Government House and Governor’s Lodge 34 years after it was created.

He said it was a magnificent project with about 34 buildings being built to last, such that in the next 200 years, they would still be standing like the White House in the US.

“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.

Mr Soludo said he had completed over 750 km of roads, with about 410 km of roads completed, with attention to parts of the state that had not had tarred roads since their existence.

“We have touched education, health, youth empowerment, social reorientation and bringing back our value of dignity in labour against this new get-rich-quick mentality that is destroying our youths.

“I told Anambra people when I was sworn in that I would show them where every kobo they gave me is channelled to,” he said.

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Impressed with Soludo’s performance

Kamen Ogbonna, the leader of the Late Senator Ifeanyi Ubah Media Team, said they were impressed with the governor’s performance because they aligned with their philosophy.

Mr Ogbonna said it was interesting to note that Mr Soludo had made such progress in three years without borrowing from any source.

“The magnitude of the Government House and Governors Lodge will tell you why other governors carefully avoided the project,” he said.

Nollywood stars, including Steve Alajemba (Uwaezuoke) and Collins Monago, who were on the trip, lauded Mr Soludo for his work. They urged the Anambra people to support him to continue a good job as they prepared for the 8 November governorship election.

(NAN)