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N203 Billion Missing? Soludo’s Final Year in Office Raises Alarming Questions Over Anambra’s Financial Transparency

As Governor Chukwuma Charles Soludo approaches the twilight of his final tenure in office, mounting scrutiny over the state’s financial records has triggered widespread concern among Anambra citizens. A fresh investigation by AIF Media into federal allocations received by the state from April 2022 to January 2025 reveals a significant accountability gap, prompting fresh calls for transparency and fiscal clarity.

Between April 2022—the month Soludo received his first federal allocation—and January 2025, Anambra State received an estimated ₦518 billion in federal disbursements. However, data from public records and capital project reports indicate that only ₦172 billion has been accounted for in direct capital expenditure.

Even when projects with undisclosed costs—such as the Awka Funcity, ICT-related investments, and the state’s nascent water transport development—are factored in, bringing the known figure to ₦207 billion, there remains a staggering shortfall of ₦311 billion. With Soludo already having received further allocations for February, March, and April 2025, the pressure is intensifying on the governor to explain the use of public funds.

Public reaction has been swift and piercing. Speaking to AIF Media, Dr. J Duke Anago of Neni, Anaocha LGA, said the figures leave a deeply troubling hole in the governor’s financial narrative.

“Even after accounting for ₦108 billion in recurrent expenditure over three years—based on ₦36 billion per annum in salary provisions for 2023 and 2024—the combined identifiable expenditure only reaches ₦315 billion,” Anago noted. “This leaves over ₦203 billion in state funds completely unaccounted for.”

Anago further raised concerns about the administration’s use of local government allocations. He accused the Soludo-led government of centralising and diverting funds meant for LGAs, particularly criticizing the use of Anaocha’s allocation for a flyover project in Aguata, the governor’s home LGA.

“All our LGAs have been turned into administrative shadows of themselves,” he said. “There is nothing to show for the huge allocations these local governments have received under Soludo’s watch.”

Adding to the frustrations is what many small and medium business owners call the “multiple taxation regime” in Anambra. Interviews conducted by AIF Media reveal widespread dissatisfaction among entrepreneurs over the burden of levies, ranging from environmental and signage fees to market tolls and numerous local taxes.

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“Despite aggressive revenue collection from the private sector, there is no transparency about how much the state internally generates,” said a trader in Onitsha Main Market who requested anonymity. “We deserve to know what happens to our money.”

Governor Soludo, who once earned accolades for fiscal discipline during his time as Governor of the Central Bank of Nigeria, has come under increasing fire for what critics describe as “opacity in governance.” Notably, under his administration, Anambra State has failed to publish comprehensive and independently audited financial statements, raising alarms among civic groups and policy analysts.

“How did Soludo become Nigeria’s ‘most transparent governor’ when Anambra has no published record of its full revenue and expenditure?” Anago asked. “Not even a single breakdown of what we are earning or spending from internally generated revenue.”

The only major infrastructure project cited as being possibly outside the declared expenses—the dualisation of the Amawbia–Nwagu Agulu–Nanka–Ekwulobia Road—is a federal project reportedly pending refund. The state government has not disclosed the cost of the project or whether it’s being bankrolled through IGR or other special funding lines.

Dr. Anago posed three key questions that many citizens are now echoing:

1. Is the remaining ₦203 billion saved somewhere, or has it been diverted?
2. What is the total amount of internally generated revenue (IGR) Anambra State has received since 2022?
3. Why has the Soludo administration failed to publish complete revenue and expenditure reports?

Anago emphasized that answers to these questions could determine whether Governor Soludo’s administration is remembered as transparent or not.

“He still has time to clear the air. But if he fails to do so, his legacy will not be the smart megacity he promised, but rather the vanishing billions he failed to explain,” he said.

Despite Soludo’s campaign promise to build “a livable and prosperous smart megacity,” many rural communities remain underserved, and their roads are in deplorable condition. Ironically, most accessible roads in the hinterlands are the result of Public-Private-Community Projects (PPCPs), rather than government funding.

“We are tired of media stunts. What we need is evidence on the ground,” said a youth leader in Nnobi, who decried the lack of government presence in his area. “Our roads, our schools, our health centers—none reflect the kind of billions they claim to receive.”

Dr. Anago and many civic advocates are now calling for a comprehensive, independent audit of the state’s finances and a public account of both federal allocations and IGR usage.

“This is not about politics. It’s about governance and public trust,” Anago stated. “Soludo must realise that these funds belong to the people of Anambra—not to him, not to his political allies, and certainly not for showboating.”

As Soludo’s final year continues to unfold, Anambra’s citizens await answers that could either vindicate or expose the true nature of his administration’s financial dealings.