Why I pulled out of World Bank loan — Soludo

By Chimezie Anaso

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.

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.