Former Anambra State Governor Peter Obi has rejected the Anambra State Government's claim that he left behind external loans totalling $123.77 million. Obi stated that he neither borrowed from any financial institution nor issued any bond on behalf of the state during his tenure. He challenged the state government to explain how it arrived at the figure, arguing that it had wrongly lumped together the total contracted value of multilateral development facilities, amounts actually disbursed and outstanding balances.
The controversy began after the Anambra State Government stated that eight external financing facilities tied to development projects undertaken during Obi's administration had a combined contracted value of $123.77 million, with $92.35 million still outstanding as of June 30, 2026. The figures were attributed to the Debt Management Office (DMO). Obi described the presentation as a distortion of public-sector accounting, saying the government had combined distinct categories and added them together to describe the resulting $123.77 million as 'loans left by Peter Obi.'
According to Obi, the facilities were largely World Bank and International Fund for Agricultural Development (IFAD) development programmes negotiated by the Federal Government, with participating states accessing the funds through subsidiary arrangements. He stressed that the facilities should not be portrayed as conventional commercial loans personally secured by him. Obi also invoked the testimony of former DMO Director-General Abraham Nwankwo, who declared that Obi was the only state governor during Nwankwo's 10 years in office who had not approached him for a loan facility.
Obi disputed the state's presentation of Anambra's external debt position, citing DMO figures which showed that the state's external debt stood at about $18 million when he assumed office in March 2006. He said the figure was approximately $30 million when he handed over power in March 2014 and rose to about $45.15 million by December 31, 2014. Obi challenged the state government to reconcile those figures with its claim that $123.77 million in external facilities constituted loans inherited from his administration.
Obi also dismissed suggestions that his administration left behind unpaid obligations, claiming that he handed over a state without unpaid salaries, gratuities or pensions, as well as without verified debts to contractors and suppliers who had completed certified projects. He further claimed that his administration left more than $150 million as the dollar component of investments in the state, which could have generated approximately $10 million annually over the years.
The former governor denied reports of a dispute with his successor, Governor Chukwuma Soludo, declaring that he had no quarrel with Soludo or any other governor. Obi said he would not be drawn into an endless exchange over his eight-year administration, insisting that his attention remained focused on the broader challenges facing Nigerians. He appealed to governors to allow presidential candidates and other political contestants to campaign freely in their states irrespective of political affiliation.
Obi explained that his silence over the controversy in recent days was partly due to the death of his elder brother and friend, Okey Ezeibe. He urged political actors to shift attention from what he described as needless distractions and concentrate on the economic and social hardships confronting Nigerians. Obi respectfully urged everyone to concentrate on the existential challenges confronting Nigeria and the hardships endured by its citizens, rather than on the needless distractions that have become widespread in politics.
Key points
- Peter Obi rejects Anambra State Government's $123.77m debt claim
- Obi challenges state government to explain how it arrived at the figure
- Obi claims he left no unpaid obligations and over $150m in investments
