Anambra State Governor, Professor Chukwuma Soludo, has refuted claims that his government intends to borrow N245 billion to fund the 2024 budget.
Speaking at the 33rd anniversary of the state’s creation, Soludo stated that such reports were false. He emphasized that the government cannot borrow while facing a deficit of N121 billion for the 2024 appropriation.
Soludo explained that his administration focuses on bankable projects and only considers borrowing for initiatives with a high probability of generating returns to repay the debt. He said, “We have a specific view on borrowing and have stringent criteria for it.”
The Governor recalled that the State House of Assembly approved a N100 billion loan for a supplementary budget in 2022, but the government has not borrowed any funds to date. Similarly, no borrowing has occurred despite implicit budget deficits of N90 billion in 2023 and N121 billion in 2024....Read Full Article [Click Here>]
Soludo emphasized that the state opted out of a N438 billion World Bank loan because it prioritizes bankable projects that can generate revenue to repay any borrowed funds.
Source: Vanguard
