Anambra Seeks $125m World Bank Loan to Tackle Erosion

Anambra State is seeking a $125 million World Bank loan in order to tackle the ecological problems in the state, according to Peter Obi, governor of the erosion ravaged state.

The shapes of communities like Agulu, Nanka, Oko, Awka, Ozubulu are continuously changing as erosion cut their lands deeper making monstrous gullies and ravines

Obi waxed worriedly  at the town hall meeting which marked the end of the National Good Governance tour in the state led by Labaran Maku, minister of Information.

Obi said $75 million would be used for erosion control, and $50 million for improving the educational sector.

He said his administration was mapping out ways to refund the loan without using any money from the state treasury.

“We have not borrowed a kobo from any bank and we have not issued any bond. The State House of Assembly has approved for me to borrow at least N10 billion in the past five years that I have presented a budget, but in those five years, I have closed the year with not less than N10 billion in credit,” he said.

The governor lamented the relatively low Internationally Generated Revenue (IGR) in the state, saying with enormous industries domicile in the state, it ought not to be so.
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