Soludo's Administration Faces Scrutiny as Anambra's Debt Balloons to N96 Billion





Anambra State's foreign debt portfolio has surged to N96 billion in 2023, nearly doubling from N46 billion in 2022. This comes amid a national economic downturn marked by the naira’s significant devaluation against the dollar, intensifying concerns over the country’s fiscal stability.

The alarming debt increase was highlighted in Anambra State’s 2023 financial statement, filed by the Office of the Accountant-General. Despite the spike in foreign debt, the state’s internal loans slightly decreased from N46.2 billion in 2022 to N45.5 billion in 2023.

Adding to the financial strain, a review of the state’s 2024 Third Quarter (Q3) budget performance report, obtained by SaharaReporters, revealed that critical sectors like religious welfare and media services have been neglected. The Christian and Muslim Pilgrims Welfare Boards, along with the Anambra Broadcasting Service (ABS), received no funding in Q3 2024, a trend consistent throughout the first and second quarters of the year.

The report disclosed that the Christian Pilgrims Welfare Board had an original budget allocation of N6.93 million, while the Muslim Pilgrims Welfare Board was allocated N6.87 million. However, neither received any funds. Similarly, ABS, which had a budgetary provision of N485.1 million, received zero naira as of the end of Q3 2024.

Other agencies affected include the Tourism Board, which had an allocation of N1 million, and the Arts Council, with N291,478.97—all of which also went unfunded throughout the first three quarters of 2024. The Anambra State Industrial Development Agency and the Urban Water Assets Holdings Corporation, allocated N217.87 million and N1.09 billion respectively, were similarly left unfunded.

This financial neglect has raised concerns about the priorities of the Soludo-led administration, especially in the face of growing debt obligations. Earlier reports indicated that several ministries, agencies, and government parastatals in the state had also been denied funding during the first half of 2024, underscoring a troubling trend in Anambra’s fiscal management.

As the naira continues to weaken, the state’s growing debt burden and underfunding of key sectors could have long-term implications for its economic and social stability.

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