Governor Chukwuma Soludo of Anambra says his administration rescinded an existing loan arrangement with the World Bank to save the state from a “debt overhang.”

Soludo said this while addressing members of the Late Sen. Ifeanyi Ubah Media team who were inspecting the ongoing Government House and Governors Lodge project in Awka on Sunday.

He said his administration had refused to borrow from any bank or institution and access the Federal Government loan to states in 2024.

He said that notwithstanding the development, his administration had embarked on ambitious, people-oriented projects that were at various stages of completion.

According to him, it may interest you that Anambra is the only state that pulled out of an existing World Bank loan arrangement 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 would pay, but based on the terms, it was a lousy 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 they were created, expressing regret that the facilities had been left at a construction company office and outside Awka, respectively.

He said it was a magnificent project with about 34 buildings being built to last, such that in the next 200 years, they would still stand 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, which somebody said is going to be like a mini city,” he said.

Soludo said he had completed over 750 kilometers of roads, with about 410km of completion, 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 restoring 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 would show them where every Kobo they gave me is channeled,” he said.

Kamen Ogbonna, the leader of the Ubah media tea, said they were impressed with the governor's actions, which 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.

Nollywood stars, including Steve Alajemba (Uwaezuoke) and Collins Monago, who were on the trip, lauded Soludo for his work and urged Anambra people to support him and continue the good work as they prepared for November 8 guber.