Soludo Seeks Lawmakers’ Approval For N100 Billion Loan

Governor Charles Soludo of Anambra State has written to the House of Assembly seeking approval for a N100 billion loan, barely four months into his administration.

Mr Soludo’s letter to the lawmakers dated July 5, 2022, was read during the Assembly’s plenary on Friday by the Speaker, Uche Okafor, according to a report by The Punch.

“Mr governor is seeking approval to secure a N100 billion global limit multiple term loan facility for the construction and refurbishment of key infrastructure in the state,” Mr Okafor announced at the plenary on Friday.

The Assembly referred the letter to the House Committee on Public Accounts for consideration.

The committee is expected to revert to the Assembly on July 21.

Mr Soludo in March, during a programme on Arise TV, five days after his inauguration as the governor of the state, said he met about N400 million in the state treasury, but inherited over N109 billion debt when he assumed office.

He added that his administration would need to think “outside the box” to generate money to run its affairs.

This is the first time the governor is making a loan request since he assumed office on March 17.

During the plenary, the lawmakers passed the 2022 Revised Appropriation Bill of nearly N170 billion.

The approval came about 57 days after the governor presented the bill to the Assembly.

The approval followed the adoption of a report on the bill by the House Committee on Finance and Appropriation, chaired by Obinna Emeneka.

While presenting the report, Mr Emeneka, who represents Anambra East State Constituency, said the revised budget was made up of N108 billion capital expenditure and N61.3 billion recurrent expenditure.

He said, “After thorough scrutiny and review, we recommend that the size of the 2022 revised budget be retained except for little adjustments in some ministries, department and agencies’ allocation.

“That the sum of N169,621,744,131 be approved for the service of the Anambra State Government for the year ending, December 31, 2022, and for related purposes.”

Mr Emeneka said the committee also recommended that projects and contractors should be specified and funds released to ministries, departments and agencies to ensure effective budget performance.

Meanwhile, the Speaker, Mr Okafor, commended the committee for a ‘thorough scrutiny’ of the budget.

The bill was adopted through a voice vote.

The speaker directed the acting Clerk of the House, Esther Anaetoh, to send a copy of the bill to Mr Soludo for assent.