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I inherited ₦300m in cash but met debt of about ₦109 billion — Soludo

The newly sworn-in Governor of Anambra State, Charles Chukwuma Soludo, has said that the state finance is in bad shape and in dire need of restoration.

Soludo made this disclosure on Tuesday while speaking on Arise Tv Morning show. He said that the former governor of the state, Willie Obiano left only about ₦300 million in the treasury and debt running into hundreds of billions of naira.

“In terms of debt I inherited, it runs into hundreds of billions of naira. In terms of cash, we met about 300 million Naira only. In fact, let’s not talk about it. Our treasury is funny. But I hope we shall make money henceforth to help us fulfil our promises for infrastructure and development of the state. But in terms of what I met in our coffers, my brother, it’s pathetic. Please, let us not go there. God will help us,” the governor stated.

Breaking down the figure, Soludo said the debt he met was about ₦109 billion.

He said that “the state finance is in bad shape”, and in dire need of restoration.

Confirming the debt owed by the state, the Debt Management Office of Nigeria in a statement titled “States, FCT and Federal Governments’ External Debt Stock as at 31st December, 2021” released on March 17 said that Anambra state owes a total of US$110.27 million. This amounts to ₦45.90 billion at an exchange rate of ₦416.25 per dollar on CBN website at the time of writing this report.

It can be recalled that former Governor, Willie Obiano on Thursday evening just few hours after the inauguration ceremony of Governor Soludo was arrested by the Economic and Financial Crimes Commission (EFCC) at the Murtala Muhammad International Airport Lagos while making his way to the United States.

Obiano was later granted bail after spending five days in the EFCC’s detention, however, he had not yet perfected his bail conditions as of the time of filing this report.

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