Records from the Debt Management Office (DMO) reveal that Anambra State's external debt stock increased substantially during Peter Obi's tenure as governor. The DMO data show that Anambra's external debt stood at $16.87 million in December 2006, and by December 2013, it had risen to $30.32 million, an increase of about 80 per cent over the period. This development is relevant to the ongoing dispute between Mr. Obi and the Anambra State Government over the financial liabilities inherited by successive administrations.
The DMO's historical debt-stock data analysed by Premium Times show that Anambra's external debt was $16,869,393 in December 2006. The figure fluctuated over the years, falling to $15,192,742 in December 2007 before rising to $18,892,185 in December 2008. From 2010, the DMO began publishing the external debt position at six-month intervals. The state recorded $17,903,645 in June 2010 and $21,304,916 by December of that year. The debt stock continued to rise, reaching $30,323,574 at the end of December 2013.
The December 2013 figure ranked Anambra 31st among the 36 states and the Federal Capital Territory in external debt, making it the sixth-lowest debtor in the country at the time on external debt. The next DMO report for June 2014, published after Mr. Obi left office, put Anambra's external debt at $41,459,335. However, this increase may not be attributed solely to his administration, as it occurred after he left office.
The DMO's records did not show the exact external debts of Anambra State as of March 2014 when Mr. Obi left office as governor. However, during an interview on Arise News' Prime Time, Mr. Obi corroborated the DMO's figures, stating that his administration's foreign debt position was about $30 million at the time he left office. His figures differed slightly from the DMO's records, but they are in the same region.
Mr. Obi also claimed that he inherited about $18 million in foreign debt when he assumed office as governor. However, this claim cannot be verified due to the unavailability of the DMO's records of external debt of Anambra State as of March 2006 when he took over as governor. The DMO's December 2013 record on the state's external debts was released about three months before the end of Mr. Obi's administration as governor.
A handover letter from Mr. Obi to his successor, Willie Obiano, dated March 17, 2014, revealed that the state had a total of N91.67 billion in assets and balances at the time. However, Mr. Obi indicated that he had earmarked N5 billion out of the N91.67 billion for payment of estimated liabilities, including March 2014 salaries, pensions, and gratuities, as well as approved certificates of already executed projects.
The Anambra State Government has claimed that Mr. Obi's administration left eight external loan facilities which subsequent governments have continued to service, totalling $123.77 million. However, the DMO's records show that the state's external debt stock was significantly lower than this amount. The discrepancy has contributed to the ongoing dispute between Mr. Obi and the Anambra State Government over the financial liabilities inherited by successive administrations.
Key points
- - Anambra State's external debt stock rose to $30.32 million by December 2013, from $16.87 million in December 2006. - Peter Obi's administration's foreign debt position was about $30 million at the time he left office. - The Anambra State Government claims that Mr. Obi's administration left eight external loan facilities totalling $123.77 million.
