Why I Turned Down Loan From World Bank, Federal Govt – Soludo

The Governor of Anambra State, Charles Soludo has revealed that his administration turned down an existing World Bank loan agreement to prevent the state from falling into a “debt overhang.”

Soludo stated that he has refused to borrow from any financial institution and also declined the Federal Government’s loan offer to states in 2024.

He made the disclosure on Sunday during an inspection tour of the ongoing Government House and Governor’s Lodge project in Awka,

According to the former Central Bank of Nigeria governor, his administration remains committed to ambitious, people-oriented projects despite refusing to take on additional debt.

He said, “It may interest you to know that Anambra is the only state that withdrew from a pre-existing World Bank loan arrangement, which was signed before I took office.

“I reviewed the loan terms and found them unsustainable. 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.

“Last year, N438bn was distributed among 35 states, and Anambra was the only one that did not accept it. I need money, but I cannot borrow my state into slavery.”

Soludo highlighted his administration’s efforts to provide Anambra with a permanent Government House and Governor’s Lodge, 34 years after the state’s creation.

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,” he said.