Anambra State governor, Prof Chukwuma Soludo, has disclosed that the government withdrew from the World Bank loan arrangement because it is “not a good deal” for its people.
Soludo made this revelation on Sunday, when the leadership of the late Senator Ifeanyi Ubah’s political groups, along with some Nollywood practitioners, toured the ongoing construction of the Government House project in Awka North Local Council.
Addressing the groups, Soludo noted Anambra as the only State in Nigeria to have opted out of the World Bank loan arrangement, adding that the decision was taken to avoid falling into debt.
He said: “The terms and conditions of the World Bank loans were not favourable to the people of Anambra, so we decided to pull out.
“When I assumed office as governor and reviewed the terms and conditions of those loans, I realised they were not in the best interest of our people. This is a bad deal for my people. However, one could say, ‘Let me collect the loans; after all, it is the next generation that will pay.’ I don’t have that kind of conscience. I felt the terms were a bad deal for Ndi Anambra, and I told them we did not need it.
“Late last year, they shared $438 million among 35 states in Nigeria, but Anambra was the only state that did not collect. We don’t need to continue mortgaging the state with such loans.”
Soludo stressed that while he requires funds to execute government projects, he would not take loans that would burden the State’s future generations.