Because this concerns a current political dispute, I’ve kept the competing claims clearly attributed rather than presenting either side’s figures as independently established. Recent reporting confirms that the Anambra Government says eight external facilities linked to projects during Obi’s tenure had an outstanding balance of about $92.35 million as of June 30, 2026, while Obi disputes how that figure is being characterised.
Former Anambra State Governor and Nigeria Democratic Congress presidential candidate Peter Obi has challenged the state government to explain how it arrived at the claim that his administration left behind $123.77 million in external debt when he left office in March 2014.
Obi addressed the issue in a statement on Friday, saying he had remained silent in recent days because he was mourning his late elder brother and friend, Chief Okey Ezeibe.
He also said he had no disagreement with Governor Chukwuma Soludo and was not seeking to become governor of any state again, even if the Constitution were amended to allow it. He urged political leaders to focus on the challenges facing Nigerians and allow candidates to campaign freely during elections.
On the debt controversy, Obi maintained that he did not approach any financial institution for a loan or issue a bond on behalf of Anambra State throughout his time as governor.
He cited former Director General of the Debt Management Office, Abraham Nwankwo, whom he said had described him as the only state governor during his 10 year tenure who did not approach the agency for a loan facility.
Obi further maintained that he left office without unpaid salaries, gratuities or pensions, and without outstanding payments to contractors or suppliers whose completed work had been properly certified.
The former governor also questioned the way the state government had presented several multilateral development facilities as loans left behind by his administration. According to him, the facilities were concessionary development programmes secured through the Federal Government for specific projects, with repayment structured over periods of between 25 and 30 years.
He argued that the total amount approved for a multiyear programme should not be treated as the same thing as the amount actually drawn or the balance outstanding when he handed over power on March 17, 2014.
Obi said the eight facilities mentioned by the state government were largely World Bank and International Fund for Agricultural Development programmes negotiated through the Federal Government, with participating states accessing the funds under subsidiary arrangements.
His position is that these should not simply be described as conventional commercial loans personally secured by him. He acknowledged, however, that the state could have repayment obligations under the various arrangements and said each facility should be examined according to its approval, effectiveness, actual disbursement and repayment history.
The Anambra State Government has presented a different account. It says eight external borrowing facilities associated with projects during Obi’s tenure had a combined contracted value of $123.77 million and that about $92.35 million remained outstanding as of June 30, 2026. The government said the outstanding amount was equivalent to about N127.4 billion at the exchange rate used in its calculation.
The state said the facilities supported projects covering areas such as malaria control, education, healthcare, erosion management, community development and agricultural value chains. It also maintained that the current administration continues to service the obligations.
Obi has challenged the government’s figures by referring to Debt Management Office records which he said showed Anambra’s total external debt at about $18 million when he assumed office in March 2006 and about $30 million when he left office in March 2014. He therefore questioned how the state could now describe $123.77 million as debt inherited from his administration.
He also claimed that he left more than $150 million as the dollar component of investments made for Anambra State and said supporting documents could be verified with the banks involved.
According to Obi, the investments were expected to generate about $10 million in annual income for the state if they had remained untouched. He argued that, based on that projection, the income over several years could have been sufficient to offset the debt figure being discussed.
He further claimed that allowing the funds and their earnings to accumulate could have increased their value substantially, potentially leaving the state with significant resources for further investment after settling its obligations.
The former governor maintained that he handed over Anambra in what he described as a strong financial position and said he stood by his account of the state’s finances at the end of his administration.
However, Obi said he did not intend to continue trading words with anyone over his record as governor.
He said his attention would instead remain on broader issues affecting Nigerians, which he described as the reason behind his presidential ambition.
The dispute has continued after the Anambra State Government released records concerning the eight external facilities and accused Obi of leaving financial obligations for subsequent administrations to service. Obi has rejected that characterisation and is challenging the interpretation of the figures and the manner in which the facilities have been described.
