Anambra Targets N250bn For Infrastructure

Soludo had, on July 5, written to the lawmakers seeking approval to secure N100 billion Global Limit Multiple Term Loan facility from CBN, for the construction and refurbishment of key infrastructure in the state.

The Governor Charles Soludo-led Anambra state government, has disclosed that it would require N250 billion yearly to plug the holes of infrastructure left by previous administration in the state.

Christian Aburime, the Chief Press Secretary to the governor told The Punch that the figure was arrived at based on the government’s calculation and projections.

Recall that Soludo had, on July 5, written to the lawmakers seeking approval to secure N100 billion Global Limit Multiple Term Loan facility from CBN, for the construction and refurbishment of key infrastructure in the state.

“We observed that the N100 billion loan was strictly for the construction of roads, bridges and flyovers across the state.

“It was also observed that the current debt profile of the state at about N107 billion can still accommodate more of such loans considering the expected outcome and impact on the residents of the state.

“However, we recommended that the Commissioners should provide the list of the proposed project descriptions and expected cost of each project for ease of oversight function subsequently; and that was done

“That the loan should be secured at   single-digit interest rate and be used   for feasible infrastructure development alone.

“We also recommend the need for increased internally generated revenue to minimise borrowing to fund Infrastructure development in the state,” Somto Udeze, the chairman of the committee that scrutinized the loan request said.

The Assembly has since approved the loan.

The CPS spoke after the state received over N268 million being its first share of the 13 per cent derivation in her new status as an oil-producing state in Nigeria.

He explained that the derivation funds and the N100 billion loan approved by the state Assembly will go a long way in the Governor Soludo’s quest to provide the badly needed infrastructure

According to the governor’s spokesman, “It is a welcome development that we are now earning 13 per cent derivation fund from the Federal Government. But as it is, it is still a far cry from what the state government needs to put in place the infrastructure it wants to put in place for the people of Anambra State.

“But at least, something has come in to boost the finances of the state.

“It is still not enough, the government still needs to source additional funds, that was the reason we were looking for the N100bn loan to fund the infrastructural project we had earmarked for the 2022/2023 budget.

“Whether the current government was expecting the money or not does not matter, what matters is that Anambra has been designated as an oil-producing state, so, therefore, it means that it is qualified to get the 13 per cent derivation fund and that it came at this time is a welcomed development.

“Before the governor came into office, based on his calculation and projection and to put in place the needed infrastructure, it will cost about N250bn every year to put in those infrastructure required to build that livable homeland.

“So, the N100bn that the governor has asked for will help to begin work on the required infrastructural projects. So, the 13 per cent derivative fund is just like an addition, although, it is still not enough,” Aburime said.