Soludo Under Fire for Rejecting World Bank Loan as Critics Cite Missed Opportunities for Anambra’s Poor

 

By Chekwube Nzomiwu

LAGOS, NIGERIA — Governor Charles Chukwuma Soludo of Anambra State is facing renewed criticism over his decision to opt out of a multi-billion naira World Bank loan programme intended to support economic recovery and alleviate poverty in the wake of the COVID-19 pandemic.

During the recent launch of the “Anambra Homeland Consciousness Initiative” in Amuwo Odofin, Lagos, Governor Soludo once again referenced his administration’s controversial choice to reject participation in the NG-Cares programme, which was funded by a $750 million World Bank credit facility and disbursed across 35 of Nigeria’s 36 states.

Speaking at the event, Soludo highlighted key infrastructural strides his government has made since assuming office in March 2022, including the rehabilitation of 400 kilometers of roads, ongoing construction on another 700 kilometers, a flyover at Ekwulobia connecting two federal highways, and the renovation of various public buildings.

With pride, he emphasized that these achievements were accomplished without borrowing a single kobo, asserting that his administration remains committed to full financial transparency. “Every penny that you put in our hands, we will show you where we put it,” he said.

However, the former Central Bank governor’s remarks have reignited public debate about his administration’s withdrawal from the NG-Cares programme, a federal initiative designed to mitigate the socio-economic effects of the pandemic. The programme focused on supporting poor and vulnerable Nigerians, enhancing food security, and boosting small and medium-scale enterprises (SMEs) — many of which were severely impacted by lockdowns.

Governor Soludo explained that his decision was based on unfavorable loan conditions inherited from the previous administration. Yet, no specific details about these conditions have been made public, despite repeated promises to clarify the decision.

“I was puzzled,” said one observer, Chekwube Nzomiwu. “If 35 states could accept the loan terms, why was Anambra the only one to reject them? One governor cannot be wiser than the other 35.”

This is not the first time Soludo has publicly defended his stance. A video posted by the Anambra State New Media in August last year captured the governor stating that Anambra was excluded from the disbursement and promising to one day explain why. Nearly seven months later, clarity remains elusive.

Critics argue that Soludo’s rejection of the loan has deprived thousands of poor and vulnerable citizens in Anambra State of vital support, especially in light of what they describe as rising internal revenue measures that disproportionately affect small-scale traders and low-income earners.

“There have been reports of multiple taxation and harsh enforcement tactics against ordinary citizens,” Nzomiwu said. “This is a double blow to the same population that the NG-Cares initiative was designed to support.”

Meanwhile, other governors in the Southeast have embraced the programme and are already seeing tangible results. In September, Enugu State Governor Peter Mbah announced the distribution of agricultural inputs and grants worth over ₦4.6 billion to farmers and communities. Similarly, Abia State empowered 6,500 SMEs with ₦5.9 billion in grants through the NG-Cares initiative.

Analysts point out that the funding rejected by Anambra will not go unused. According to Nigeria’s Minister of Budget and Economic Planning, Senator Atiku Bagudu, undisbursed World Bank loans could play a critical role in financing the 2024 national budget, now extended to June 2025. This means the federal government stands to benefit from the resources forfeited by Anambra.

Observers also question why the former administration of Willie Obiano — who signed off on the initial loan agreement — would commit to unfavourable terms. Obiano, a seasoned banker and former deputy managing director at a leading financial institution, is seen by many as financially astute.

As the November 8, 2025, Anambra governorship election approaches, political watchers say Soludo’s decisions, especially the rejection of the NG-Cares loan, will likely factor into how voters assess his leadership. While he has campaigned on a bold vision to transform Anambra into a "Dubai-Taiwan" economic model, critics argue that refusing financial lifelines like the NG-Cares fund may have undermined that vision.

Whether the people will judge his financial prudence as wisdom or miscalculation remains to be seen.