Former Anambra State Governor Peter Obi has rejected claims by the state government that his administration left behind $123.77 million in external loans, arguing that the figure combines different categories of multilateral development financing and does not represent the debt he handed over in March 2014.
The controversy followed a statement by the Anambra State Government that eight external loan facilities associated with projects undertaken during Obi’s tenure had a combined contracted value of $123.77 million, with $92.35 million still outstanding as of June 30, 2026. The state said the facilities supported projects in areas including healthcare, education, agriculture, erosion control and community development.
According to the state government, the loans remained obligations of Anambra and successive administrations had continued to make repayments. It said the outstanding balance, converted at the official exchange rate as of June 2026, amounted to about N127.4 billion.
However, Obi, who governed Anambra from 2006 to 2014, has disputed the characterisation of the facilities as loans personally obtained by his administration.
Responding to the controversy, Obi said he did not approach any financial institution to borrow money or issue a bond on behalf of Anambra during his eight years in office.
He argued that the facilities cited by the state government were largely development programmes negotiated through the Federal Government and international development institutions, including the World Bank and the International Fund for Agricultural Development.
Obi said the government should distinguish between the total amount approved for a multiyear development programme, the amount actually drawn by Anambra during his tenure and the balance outstanding when he handed over power on March 17, 2014.
He described combining the three figures and presenting the resulting $123.77 million as debt left by him as an inaccurate application of public-sector accounting.
The former governor also cited historical figures from the Debt Management Office in challenging the state’s position. According to figures he referenced, Anambra’s external debt stood at approximately $18 million when he assumed office in March 2006 and about $30 million when he left office in March 2014.
He questioned how the $123.77 million figure could be attributed to his administration when the state’s recorded external debt around the time of his departure was considerably lower.
Historical DMO data cited in recent reporting puts Anambra’s external debt at about $30.32 million as of December 31, 2013, although such a snapshot does not by itself establish when every individual development facility was contracted, drawn or transferred to the state.
Obi has also defended his financial record by pointing to the savings and investments he said were left for the state at the end of his administration.
He said his government left more than $150 million in foreign-currency investments and other savings, which he claimed could have generated approximately $10 million annually.
Obi argued that, had the funds been preserved and the income used to service the obligations now being discussed, the state could have settled the alleged debt while retaining the original capital.
He also maintained that his administration left more than N75 billion in savings and investments and did not owe salaries, pensions or gratuities that were due for payment when he handed over power.
The claim about the $150 million savings has also received public backing from Abia State Governor Alex Otti, who has said he was involved in managing part of the funds while working at Diamond Bank. However, the precise composition and status of the assets have been a subject of political debate since Obi left office.
The Anambra government, meanwhile, has continued to stand by its position. It has said records from the DMO show that eight external borrowing facilities were associated with Obi’s administration and that the state remains responsible for servicing them. The government has also challenged other aspects of Obi’s account of the financial position he left behind, including claims concerning unpaid obligations and an alleged ecological fund account.
The disagreement has therefore centred not only on the amount of money involved but also on how multilateral development financing should be classified and attributed.
Obi has said that he does not intend to engage in a prolonged political dispute over his tenure in Anambra, urging attention instead to the economic difficulties confronting Nigerians.
He also said the disagreement should not be interpreted as a personal dispute between him and Governor Chukwuma Soludo, adding that his focus is now on national issues.
The latest exchange has nevertheless revived scrutiny of Anambra’s finances under successive administrations, with both sides relying on different interpretations of financial records to support their positions.
For the figures to be conclusively reconciled, the details of each of the eight facilities—including the original agreement, borrower of record, amount disbursed, date of drawdown, repayment terms and balance at the March 2014 handover—would need to be examined alongside the DMO records.
Until such documentation is independently reconciled, the $123.77 million cited by the Anambra government and the approximately $30 million external-debt figure cited by Obi describe different aspects of the state’s financial obligations and should not automatically be treated as equivalent figures.
