Anambra State Governor Chukwuma Soludo says his administration has not taken a single loan since assuming office, but insists he is not prepared to rule out borrowing in the future if economic conditions remain favourable.
Soludo made the remarks on Monday at the Delta State Economic and Investment Summit 2026, where he responded to Delta State Governor Sheriff Oborevwori’s declaration that his administration had neither borrowed from any bank nor planned to do so.
While acknowledging Delta’s position, Soludo said Anambra had maintained a similar record since he became governor but cautioned against making an absolute commitment never to borrow.
“I haven’t borrowed a dime since I became governor. But I will hesitate to make the other one that you added, which is that you will never,” Soludo said.
The former Central Bank of Nigeria governor explained that his administration withdrew Anambra from the World Bank-funded NG-CARES programme shortly after taking office because prevailing exchange rate distortions made the facility financially unattractive despite its low interest rate.
According to Soludo, the sharp depreciation of the naira at the time meant that even a zero-interest loan could become extremely expensive when converted back into foreign currency obligations. He argued that accepting such financing under those conditions would have exposed the state to significant financial risks.
However, Soludo said the country’s macroeconomic outlook has improved considerably since then. He pointed to stronger foreign exchange reserves and a more stable exchange rate as signs that Nigeria is now in a better position to attract investment and responsibly access foreign capital when necessary.
The governor also noted that Nigeria had moved away from the period of severe capital flight that characterised previous years. He said the country now has healthier foreign exchange reserves and a more predictable economic environment, making it easier for investors to plan long-term investments.
While emphasising that foreign capital remains essential for national and subnational economic growth, Soludo acknowledged that oil-producing states such as Delta may have greater financial flexibility to avoid borrowing than many other states. He suggested that not every state enjoys the same revenue advantage, making access to external funding a practical option for sustainable development.
