02/11/2024
*Soludo Emerges as Nigeria’s Most Fiscally Prudent Governor of All Time*
By Izuchukwu Adichie
In 2005, 2006, and 2007, Soludo was recognized as the global winner and the best African Governor of Central Bank. Therefore, it is not surprising that in just 30 months as the governor of Anambra State, he has been declared the most financially prudent and transparent Nigerian governor by BudgIT Nigeria in their 2024 States Fiscal Transparency rankings—a record no previous Anambra governor achieved in such a short time.
Despite the national economic challenges, including rising inflation, decreased oil production, and increasing expenditures, Soludo has shown exceptional financial management skills. Under his administration, Anambra has attained financial stability, even amid the removal of fuel subsidies and various financial constraints. This proves his capability to manage resources effectively while ensuring financial transparency and accountability.
Upon taking office, Soludo emphasized the importance of due process, integrity, and accountability in the management of Anambra’s finances, as well as transparency in the allocation of public funds across different sectors. His administration has been responsive and adaptable to changing circumstances while prioritizing the needs of Ndi Anambra and eliminating unnecessary expenses and waste. For instance, it was discovered that the monthly cost of maintaining public offices was around N137 million. Through efficient management, this cost has been reduced to N11 million per month.
Soludo's administration has shown a commitment to prudent fiscal management, resulting in the state's inclusion in the fiscal performance table—INDEX A—for the first time in history in 2023. Additionally, Anambra State ranked among the top five best fiscal performers in the country in the BudgIT 2023 Fiscal Transparency Index publication and rose to third place in the same ranking in 2024. Further demonstrating its commitment to ensuring a conducive business environment, the Presidential Enabling Business Environment Council ranked Anambra State as number one among all 17 southern states and seventh in the country in terms of the Ease of Doing Business.
Soludo holds the national record as the only governor whose parliament approved a N100 billion loan yet chose not to access it. This can be attributed to his steadfast focus on transparent budgeting, accessible procurement portals, fiscal reporting, and maintaining website integrity. These efforts have produced a positive outcome, establishing Anambra State as a model for good governance, financial prudence, and fiscal integrity. Furthermore, the state's ability to implement a N70,000 minimum wage, provide a non-taxable N10,000 cash award to pensioners, pay salaries and pensions, and simultaneously embark on capital projects without borrowing underscores its sound financial management practices.
