Former Anambra State Governor Peter Obi has rejected claims that he left $123.77 million in external debt when he handed over power in 2014, insisting that he neither borrowed money from financial institutions nor issued bonds on behalf of the state during his tenure.
Obi, who is also the presidential candidate of the Nigeria Democratic Congress (NDC), made the clarification on Friday in a statement posted on his X account.
The controversy followed claims by the Anambra State Government that eight external financing facilities linked to projects carried out during Obi’s administration had a combined contracted value of $123.77 million, with $92.35 million still outstanding as of June 30, 2026.
Obi, however, argued that the figures being presented by the state government combine different categories of financing and should not be described as a single debt left behind by his administration.
According to him, there should be a clear distinction between the total amount approved for a development programme, the amount actually accessed by Anambra during his tenure and the balance outstanding when he left office on March 17, 2014.
“The government has combined these distinct categories, added them together, and described the resulting US$123.77 million as ‘loans left by Peter Obi.’ That is an incorrect application of public-sector accounting,” Obi said.
Obi explains the disputed funding
The former governor said the eight facilities referenced in the controversy were mainly development programmes involving the World Bank and International Fund for Agricultural Development (IFAD), with the Federal Government facilitating the arrangements and participating states accessing the funds through subsidiary agreements.
He maintained that the facilities were not conventional commercial loans personally obtained by him, while acknowledging that Anambra had repayment responsibilities under the respective programmes.
“Regarding the multilateral funding inaccurately described as ‘debt owed by Peter Obi’ in Anambra State, I wish to state unequivocally: As Governor of Anambra State, I did not approach any financial institution to borrow funds or issue a bond on behalf of the state,” he said.
Obi also referred to former Debt Management Office Director-General Abraham Nwankwo, saying Nwankwo had stated at his farewell ceremony that Obi was the only state governor during his 10 years in office who had not approached him for a loan facility.
Obi questions Anambra debt figures
Obi further challenged the figures being used by the state government, citing Debt Management Office records which he said showed that Anambra’s external debt was about $18 million when he assumed office in March 2006.
He said the figure stood at approximately $30 million when he left office in March 2014 and rose to about $45.15 million by December 31, 2014.
Based on those figures, Obi questioned how the state government could describe $123.77 million as facilities inherited from his administration when, according to the records he cited, the state’s external debt was about $30 million at the time he handed over power.
The Anambra government, however, has maintained that eight external borrowing facilities associated with projects undertaken during Obi’s tenure remained outstanding and that the combined original value was $123.77 million. It said the outstanding balance stood at $92.35 million as of June 30, 2026.
Obi says he left over $150m investment
Obi also maintained that his administration left no unpaid salaries, gratuities or pensions, and no verified debts owed to contractors or suppliers who had completed work certified by the government.
He said more than $150 million remained as the dollar component of investments in Anambra State when he left office.
According to Obi, the funds could have generated approximately $10 million annually if they had remained untouched, arguing that the income could have been used over the years to offset the outstanding amount cited by the state government.
Obi said he would not engage in a prolonged exchange over his tenure in Anambra, saying his attention remained focused on the challenges facing Nigerians.
Obi dismisses speculation about Soludo
The former governor also dismissed suggestions of a disagreement between him and his successor, Governor Chukwuma Soludo.
“I am not seeking the office of governor in any state, and I will not seek that position again, even if the Constitution is amended,” Obi said.
He also appealed to governors to allow presidential candidates and other political contestants to campaign freely in their states, regardless of their political affiliations.
Obi said he had remained silent on the debt controversy in recent days because he was mourning his late elder brother and friend, Chief Okey Ezeibe.
“I respectfully urge 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 our politics,” he said.
