Former governor says DMO figures show Anambra’s external debt was about $30m when he left office in 2014
Former Anambra State Governor and Nigeria Democratic Congress (NDC) presidential candidate, Peter Obi, has rejected claims that he left $123.77 million in external loans for the state, saying he neither borrowed from any financial institution nor issued a bond during his tenure.
Obi made the clarification on Friday in a post on his X handle while responding to the controversy over external financing linked to development projects implemented during his administration.
The Anambra State Government had said eight external facilities associated with projects undertaken during Obi’s tenure had a combined contracted value of $123.77 million, with $92.35 million outstanding as of June 30, 2026, citing figures from the Debt Management Office (DMO).
Obi, however, argued that the figures represented different categories that should not be combined and described as loans left by his administration.
He said the government should distinguish between the total amount approved for multiyear development programmes, the amount actually drawn by Anambra during his tenure and the balance outstanding when he handed over power 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.
Obi said the eight facilities were primarily World Bank and International Fund for Agricultural Development programmes negotiated by the Federal Government, with participating states accessing the funds through subsidiary arrangements.
He maintained that they were not conventional commercial loans personally secured by him, while acknowledging that Anambra had repayment obligations under the respective programmes.
“As Governor of Anambra State, I did not approach any financial institution to borrow funds or issue a bond on behalf of the state,” Obi said.
He also cited former DMO Director-General Abraham Nwankwo, who Obi said declared at his farewell ceremony that he was the only state governor during Nwankwo’s 10 years in office who had not approached him for a loan facility.
The former governor further questioned figures attributed to Anambra’s external debt, saying DMO records showed that the state’s external debt was about $18 million when he assumed office in March 2006 and approximately $30 million when he left in March 2014.
He added that the figure stood at about $45.15 million by December 31, 2014.
Obi therefore challenged the state government to explain how it arrived at $123.77 million as facilities inherited from his administration when, according to the DMO figures he cited, Anambra’s external debt was about $30 million when he left office.
He also claimed that his administration left no unpaid salaries, gratuities or pensions, and no verified debts owed to contractors or suppliers who had completed certified work.
Obi further claimed that more than $150 million was left as the dollar component of his investments in Anambra when he left office, arguing that the funds could have generated about $10 million annually if they had remained untouched.
According to him, such income could have been used over the years to offset the $92.35 million outstanding funding cited by the state government while still leaving additional funds for investment.
The former governor said he would not engage in a prolonged exchange over his tenure in Anambra, saying his attention remained focused on issues affecting Nigerians.
Obi also dismissed speculation of a disagreement with his successor, Chukwuma Soludo, saying he had no dispute with Soludo or any other governor.
“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,” he said.
He appealed to governors to allow presidential candidates and other political contestants to campaign freely in their states regardless of political affiliation, saying voters should determine who they want to represent them.
Obi said he had remained silent on the debt controversy 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.