Governor Chukwuma Soludo strongly rejected allegations published by Daily Trust Newspapers that his administration plans to borrow N245 billion for the 2024 budget during a press conference following a state broadcast marking Anambra State’s 33rd anniversary, labeling the report as “fake news.”
“For close to three years of my being governor, I have not borrowed a dime,” Soludo said.
He stressed that neither he nor his team has considered or entertained any discussions regarding such a borrowing scheme.
He stated, “The news that I want to borrow N245 billion to fund the 2024 budget is fake news.
“I have tried to find out from the rest of my team where that was coming from and to know if there are any such plans that I’m not aware of. So, it is certainly fake news.”
The Governor clarified that although borrowing can be acceptable, his government has been very careful and choosy about it.
Soludo mentioned that borrowing can be useful if it’s for projects that will grow the economy.
He highlighted that even though the Anambra State House of Assembly agreed to borrow N100 billion in 2022, his government hasn’t used any of it. Additionally, despite facing a budget shortfall of about N121 billion in 2023, the state has not taken out any loans to cover it.
“Every prosperous country that ever developed and grown big lived on some form of debt or another.”
Soludo stated, “We are not just going to borrow just to finance this or finance that. We are insisting that we borrow for bankable projects, for projects that will create and add value.”
Soludo disclosed that Anambra State decided not to participate in a World Bank loan that distributed N438 billion to different states in Nigeria.
He stated, “Anambra’s name is not on that list. We deliberately opted out of that loan, and someday I will explain why we took the decision to opt out.”
Soludo strongly criticized the Daily Trust report, labeling it as a “clear lie,” and advised the public to ignore it.
“Even in our budget, the deficit we have is N121 billion, so how can you be planning to borrow N245 billion when you have a budget deficit of N121 billion? That makes it ridiculous in the first place,” he noted.
