By Valentine Chineto Ozigbo
What did Governor Charles Soludo do with N487 billion in the last 30 months? For the past two and half years, Governor Soludo has been at the helm of Anambra State, renowned as a financial expert and international development economist.
He came into office with promises of transforming the State to rival global hubs like Dubai and Taiwan where once rocky landscapes have been turned into economic powerhouses admired worldwide. During his tenure, Governor Soludo has received substantial sums and these are coming from three major sources.
Number one is the FAAC (Federal Allocation Account) where over N243 billion has been received; IGR (Internally Generated Revenue) where over N82 billion has been received and of course the Local Government allocations where over N162 billion has been received; a total of over N487 billion excluding other potential revenues from long term government investments.
Personnel for the 30 months is estimated to cost about N53 billion, leaving the government with over N434 billion, assuming there were no surpluses from his predecessor, Governor Willie Obiano. Therefore, by all accounts, Governor Soludo should have considerable financial resources at his disposal, akin to the proverbial “Izuogu and his charm…”
Governor Soludo has openly criticized former Governor Peter Obi’s approach of saving money and making long term investments, suggesting he is fully utilizing all available funds for development projects. Despite these significant financial inflows, there is little visible evidence across the entire Anambra State where these billions have been deployed.
Let’s talk about roads. While some roads have been constructed and the flyover in Ekwulobia under construction, realistic estimates suggest not more than N50 billion, at most N80 billion has been deployed on these projects by “Soludo and Company.”
From the Chinua Achebe airport which is falling into a state of disrepair due to lack of government support, to Nnewi, a hub that should be known for industrialization which lacks meaningful infrastructural development, to Onitsha which should actually be the Centre of Excellence when it comes to trade and commerce, but nothing near that, and the State capital Awka which should be the best capital in South East but of course is a glorified village today because of lack of attention, nothing notable happening.
The question here is: Apart from what Governor Obi and Governor Obiano did, What Has Governor Soludo Done in these important cities and Local Governments? Ndi Anambra, I want you to follow me on this journey. Let’s actually probe into where these funds have gone to. People hear things like road construction, security and agriculture. Let’s talk a little bit about them.
Despite the substantial personnel costs, the total expenditure over the past 30 months equates approximately N21 billion per Local Government. I want to ask, in each of these 21 Local Governments that we have, where can you reasonably see evidence of N1 billion? Is it Ogbaru or Nnewi, Ihiala, Idemili North, or any other?
Let’s talk about the roads. The roads being constructed in Onitsha for instance by “Soludo and Sons,” are they genuinely worth anywhere close to N10 billion so far? Yes, some roads have been built. But it is even surprising that our esteemed Professor of Finance has chosen to focus on visible road construction, a route that many in executive positions used to secure kickbacks amassing financial reserves in the process.
Moreover, and this is very painful, none of these projects seem to have undergone any significant impact assessment leading to serious negative consequences that these “Soludo and Sons Company” have failed to address. There is lack of thorough environmental impact studies prior to the commencement of the projects is glaring.
Let me give you a case in point. There is erratic roadworks going on in his village Umueze Isuofia. What has happened there is that flood waters have been redirected into Ezinifite, Igboukwu, Ikenga and other neighbouring communities. A visit to parts of Ezihu, Ezigbo and Umudege villages in Igboukwu, a very prominent town in Aguata Local Government Area will show you first hand evidence of the unfornunate situation I am talking about.
Similar tales abound in many parts of Anambra State. Governor Soludo may cite susstantial overhead costs but such expenses can be significantly reduced as demonstrated by Governor Peter Obi. In fact, it is our Governor that was quoted as even opposing the minimum wage when we have these amounts of surpluses that can help to actually move the civil service to another level.
What we see in Anambra State is even worse when it comes to insecurity. Security costs might also be mentioned as a reason for the spending but the reality on the ground speaks differently. Anambra remains one of the most insecure States in the country if not in all of Southern Nigeria. The State has reportedly paid the highest ransoms and there is no visible technological infrastructure in place. There is nothing to show. Instead, citizens have been forced to self-help. For instance, look at the wonderful effort of Ifeanyi Ubah of blessed memory undertook in parts of Nnewi.
Governor Soludo might also point to the distribution of coconut seedlings and palm fruits to political allies as reasons, as a justification for the spending. It is also disheartening that despite distributing millions of SOLUTION palms and coconut trees, not even up to a thousand appear to have survived. This represents tremendous waste of resources.
Governor Soludo should have benefitted from basic lessons in agriculture revolution from what Governor of Enugu State Governor Peter Mbah is doing, where he has executed similar initiatives in a more professional manner, yielding long-term impacts. In all these, the real question here is: When are we going to see the promised transformation of our dear State in the East of Niger into a ‘Dubai’ or ‘Taiwan,’ or at least, let’s even have the equivalent of Aba in Abia State?
Meanwhile, our beloved Anambra has always been a hub for trade and commerce. And when such a resilient and industrious people as Ndi Anambra are put under the leadership of a world-renowned economist, a phenomenal transformation of the State’s entrepreneurial landscape is largely expected.
However, 30 months into the administration of Professor Charles Chukwuma Soludo as Governor of Anambra State, the regrettable gap between expectations and reality has become increasingly apparent.
Yet, the State’s potential for economic dominance in trade and commerce is undeniable as it boasts of such high pedestal basic assets like the sprawling Onitsha Main Market, the Nnewi thriving auto parts industry, the Awka growing tech scene and others. Yet, these potentials remain largely untapped.
Small businesses, the lifeblood of Anambra’s economy, are struggling under the weight of inadequate infrastructure and unfavorable stifling policies. Larger enterprises, which should be the driving force for growth and employment, are grappling with similar challenges, leading to reduced productivity and, in some cases, closures.
There are looming questions over the administration’s approach to tax collection and fund utilization. While increased internally generated revenue (IGR) was promised to fuel development projects, the visible impact of these funds is questionable.
Critical infrastructural projects necessary for economic growth – such as industrial parks, market modernization, and improved transportation networks – have witnessed slow progress, where it is not absent. This situation is aggravating the high unemployment rate and increased hardship faced by the average Anambra man and woman.
But the most cancerous challenge to the growth of Anambra economy remains insecurity. This major impediment to the movement of business people and goods across the State has become a leading source of capital flight as it is slowing down investments and the natural Think Home philosophy of Ndi Anambra.
This makes it imperative for the Governor to work assiduously with the federal government and stakeholders to create the peace and security necessary for the State to take its pride of place as the major beneficiary of private capital inflow in Nigeria.
The Governor should therefore strengthen security measures across the State particularly in rural areas in order to enhance the safety of businesses, business owners, and traders who used to throng the State in search of better deals in goods. There is no gainsaying that Anambra needs the enabling environment of peace, security and stability for trade and commerce to prosper.
So, as we assess Governor Soludo’s tenure thus far, it’s clear that urgent action is needed. The administration must reevaluate its economic strategies, prioritizing infrastructure development and creating a more security-enhanced business-friendly environment.
There must also be transparency in the use of State funds while clear and closer collaboration with the private sector, which is imperative, should be pursued. Anambra’s potential for economic greatness remains vast, but realizing it requires decisive leadership and a return to the innovative spirit that has long defined Ndi Anambra. And this requires jettisoning the prevailing toxic business environment and enthroning world-class tested standards.
#WakeUpSeries, #WakeUpNdiAnambra
Let’s join hands to hold our Governor accountable. God bless you all.
Ozigbo, former President of Transcorp Plc, is Labour Party chieftain and frontline Governorship hopeful in Anambra State