Anambra State Governor, Charles Soludo, has refuted claims that his administration intends to borrow ₦245 billion to finance the 2024 budget. Speaking at the Governor’s Lodge during the celebration of the state’s 33rd anniversary, Soludo dismissed these reports as false, emphasizing that his government does not plan to borrow funds for the upcoming budget.
The governor explained that the state is currently running a budget deficit of ₦121 billion for 2024 but has not borrowed any funds to cover this shortfall. He clarified that his administration is focused on bankable projects and only considers borrowing for initiatives that have a high likelihood of generating sufficient returns to repay any debt incurred.
Soludo highlighted that while the Anambra State House of Assembly approved a ₦100 billion loan for a supplementary budget in 2022, the state has yet to utilize any of these funds. Similarly, despite a budget deficit of ₦90 billion in 2023, no borrowing took place.
He reiterated that borrowing is only an option for projects with strong potential for financial return, aligning with his administration’s stringent criteria for debt acquisition.
