The Anambra State Government has sparked controversy by claiming that former Governor Peter Obi's administration left behind a debt of $123.77 million. This claim has been strongly disputed by Obi, who argues that the figure represents the combined value of external borrowing facilities linked to projects executed during his tenure, not the actual amount outstanding when he left office. According to Obi, his administration's external debt stood at about $30 million when he left office in March 2014.
Obi's claim is supported by the 2014 Anambra State Handover Report, which provides a summary of the state's financial position as of March 17, 2014. The report lists local investments, foreign-currency investments, certified state balances, and FGN-approved refunds, totaling ₦91.666 billion. It also lists estimated liabilities of ₦5 billion, resulting in a net balance of ₦86.666 billion. However, the report does not mention the $123.77 million debt claimed by the current government.
A check of the Debt Management Office (DMO) database found that the specific state and FCT debt record for March 2014 was not accessible. However, the closest available DMO record before Obi's departure shows that Anambra's external debt stood at $30,323,574.40 as of December 31, 2013. This figure is broadly consistent with Obi's claim that the state's external debt was about $30 million when he left office.
The DMO record for December 31, 2014, shows Anambra's external debt at $45,154,626.04, which tallies with Obi's claim that the state's external debt was about $45.15 million by December 2014. The next available DMO record, dated June 30, 2014, puts Anambra's external debt at $41,459,335.44. These figures suggest that Obi's claim about the state's external debt may be accurate.
The $123.77 million cited by the Anambra Government represents the combined contracted value of eight external borrowing facilities associated with projects executed during Obi's administration. However, the available DMO debt-stock records do not show $123.77 million as Anambra's outstanding external debt around the time Obi left office. This distinction is crucial, as the original or contracted value of a facility is not necessarily the same as the amount actually drawn or the outstanding balance at a particular date.
The latest available DMO figure puts Anambra State's external debt at $102,579,265.24 as of December 31, 2025. This represents a substantial increase from the $30.32 million recorded for Anambra as of December 31, 2013. However, this figure relates to the state's debt position more than 11 years after Obi left office and cannot, by itself, establish the amount of debt inherited from his administration.
In conclusion, the evidence suggests that $123.77 million should not be presented as the documented outstanding external debt Anambra inherited from Obi in March 2014. While the precise March 17, 2014 figure remains unavailable in the accessible DMO records, the available data supports Obi's claim that the state's external debt was significantly lower than the figure claimed by the current government.
Key points
- The Anambra State Government claims Peter Obi's administration left a $123.77m debt, but Obi disputes this figure.
- Obi claims the state's external debt was about $30 million when he left office in March 2014.
- DMO records do not support $123.77 million as Anambra's outstanding external debt when Peter Obi left office.
