Peter Obi Rejects $123.77m Anambra Debt Claim

By Adedapo Adesanya

Former Anambra State Governor and presidential candidate of the Nigeria Democratic Congress (NDC), Mr Peter Obi, has rejected the state government’s description of about $123.77 million in multilateral development financing as debt owed by him, saying the funds were development-support facilities secured by the federal government for participating states.

Mr Obi made the clarification in a statement posted on X on Thursday amid an ongoing dispute with the administration of Governor Chukwuma Soludo over Anambra’s financial position when he left office in March 2014.

The Anambra State Government had claimed eight external loan facilities contracted during Obi’s tenure had a combined value of $123.77 million, with about $92.35 million still outstanding as of June 2026.

Mr Obi, however, said he did not borrow money from any financial institution or issue a bond on behalf of the state during his tenure.

“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.

He also cited a statement by the former Director-General of the Debt Management Office (DMO), Mr Abraham Nwankwo, who, according to Mr Obi, had described him as the only state governor during Nwankwo’s 10-year tenure who did not approach the DMO for a loan facility.

On the disputed multilateral financing, Mr Obi said the facilities comprised 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.

“Regarding development financing from the World Bank, these are concessionary development-support funds secured by the Federal Government for states selected by it to address specific needs. Repayment is spread over 25 to 30 years,” he said.

Mr Obi argued that the state government should distinguish between the total amount approved for a multi-year development programme, the amount actually drawn by Anambra during his tenure and the balance outstanding when he handed over 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,” he said.

The former governor also questioned the debt figures cited by the state government, saying records from the DMO showed Anambra’s external debt at about $18 million when he assumed office in March 2006, approximately $30 million when he left in March 2014 and about $45.15 million by December 2014.

“The Anambra State Government must therefore clarify how a state whose recorded external debt was about US$30 million in March 2014 and US$45.15 million in December 2014 could supposedly have inherited US$123.77 million from Peter Obi, who left office in March of that same year,” he said.

Mr Obi also maintained that he left office without unpaid salaries, gratuities or pensions, as well as outstanding payments to contractors and suppliers whose completed work had been verified and certified.

He further claimed that he left more than $150 million as the Dollar component of his investment in the state, which he said could have generated about $10 million annually if left untouched.

Mr Obi said he would not continue exchanging words over his tenure in Anambra, adding that his focus would remain on issues affecting Nigerians as he pursues his presidential ambition.