Why I Pulled out of World Bank Loan, Refused to Borrow— Soludo
Gov. Chukwuma Soludo of Anambra says his administration pulled out of an existing loan arrangement with the World Bank to save the state from “debt overhang”.
Soludo said this while addressing members of the Late Sen. Ifeanyi Ubah Media team who were on inspection of the ongoing Government House and Governors Lodge project in Awka on Sunday.
He said his administration had not only refused to borrow from any bank or institution but also refused to access the Federal Government loan to states in 2024.
He said that notwithstanding the development, his administration had embarked on ambitious and people oriented projects which were at various stages of completion.
According to him, it may interest you to know that Anambra is the only state that pulled out of an existing World Bank loan arrangements which was signed before I came in.
“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.
Soludo said he had done over 750 kilometers of roads with about 410km completed with attention to parts of the state that had not seen 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 will show them where every Kobo they gave me is channeled,” he said. Mr Kamen Ogbonna, the Leader of the Ubah media team said they were impressed with what the governor was doing as it aligned with their Philosophy.
Ogbonna said it was interesting to note that 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.#Why I Pulled out of World Bank Loan, Refused to Borrow— Soludo#
