Anambra State Governor, Professor Chukwuma Soludo, has vehemently denied allegations that his administration plans to borrow N245 billion to finance the 2024 budget. Speaking during a state broadcast to mark the 33rd anniversary of Anambra State, Soludo described the report by Daily Trust Newspapers as “fake news.”

Soludo emphasized that throughout his nearly three-year tenure, he has not borrowed any money. 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 his administration’s stance on borrowing, noting that while borrowing is not inherently negative, his government has stringent criteria for taking on debt. “We are not just going to borrow to finance this or that. We have a particular view about borrowing and very narrow stringent criteria for it,” Soludo explained.

He further highlighted that despite having approval to borrow N100 billion in 2022 and facing budget deficits in subsequent years, his administration has not utilized any of these borrowing options. Soludo assured that any future borrowing would be for bankable projects that add value and generate resources for repayment.

Soludo also pointed out that Anambra State opted out of a recent World Bank loan of N438 billion, underscoring his administration’s cautious approach to borrowing. “We take the issue of borrowing very seriously, and we are not going to borrow unless we show you where that money is going to go and what value it will add,” he concluded.