Soludo Denies Borrowing Claims, Asserts Fiscal Responsibility in Anambra

In response to recent claims by Daily Trust Newspapers alleging that his administration intends to borrow N245 billion for the 2024 budget, Anambra State Governor, Professor Chukwuma Soludo, has dismissed the report as baseless.

During a press briefing marking Anambra State’s 33rd anniversary, Soludo unequivocally refuted the borrowing claims. He emphasized that, under his stewardship over the past three years, his government has not incurred any debt.

Soludo stated, “The assertion that we plan to secure N245 billion for next year’s budget is unfounded. I have thoroughly checked with my team and confirmed that there are no such borrowing plans. This report is entirely false.”

The Governor elaborated on his administration’s cautious approach to borrowing, noting, “Borrowing, when done wisely, can be a strategic move for growth. Many successful economies have leveraged debt to fund developments that eventually generate returns sufficient to repay the borrowed amounts. However, we are very selective and stringent about any borrowing decisions.”

He highlighted that while the Anambra House of Assembly had previously approved a N100 billion borrowing limit, the government has yet to utilize any of this. Similarly, despite facing budget deficits of approximately N97 billion in 2023 and N121 billion in 2024, no borrowing has been undertaken. Soludo emphasized that his administration is committed to pursuing projects with strong potential for generating returns before considering any new debt.

Additionally, Soludo mentioned that Anambra opted out of a recent World Bank loan package of N438 billion, further illustrating his administration’s cautious approach to borrowing. He asserted that the decision to forgo the loan will be explained in due course, but it underscores the commitment to responsible financial management.

The Governor dismissed the claims about the N245 billion borrowing as “absurd,” pointing out the inconsistency with the actual budget deficit. He urged the public to view the Daily Trust report as false and misleading.

Reflecting on the state’s progress, Soludo praised Anambra’s economic achievements over the past 33 years, noting its position among the top viable economies in Nigeria, low poverty rates, and high urban development. He reaffirmed his commitment to realizing the vision of the state’s founders and continued progress in governance.