Former Anambra State Governor and Nigeria Democratic Congress (NDC) presidential candidate, Peter Obi, has rejected the description of $123.77 million in external financing as loans he left behind for the state, saying he neither approached any financial institution to borrow funds nor issued a bond on behalf of Anambra during his tenure.
Obi made the clarification on Friday 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 should not be presented as a single debt incurred by his administration.
He said the state government should distinguish between the total amount approved for multi-year 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 (IFAD) development programmes negotiated by the Federal Government, with participating states accessing the funds through subsidiary arrangements.
He maintained that the facilities were not conventional commercial loans personally secured by him during his tenure, while acknowledging that the state had repayment obligations 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,” Obi said.
Obi cites DMO debt figures
The former governor also cited the then Director-General of the DMO, Abraham Nwankwo, who, according to Obi, said at his farewell ceremony that he was the only state governor during Nwankwo’s 10-year tenure who had not approached him for a loan facility.
Obi also questioned the figures being attributed to Anambra’s external debt, citing DMO records which he said showed that the state’s external debt stood at about $18 million when he assumed office in March 2006, approximately $30 million when he left office in March 2014 and about $45.15 million by December 31, 2014.
He therefore challenged the state government to explain how it could describe $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.
Obi also said his administration left no unpaid salaries, gratuities or pensions, as well as no verified debts owed to contractors or suppliers who had completed government-certified projects.
He further claimed that more than $150 million was left as the dollar component of his investments in Anambra State when he left office.
According to Obi, the funds could have generated about $10 million annually if they had remained untouched. He argued that the income generated over the years could have been used to offset the $92.35 million outstanding funding cited by the state government while leaving additional funds for investment.
Obi denies rift with Soludo
Obi said he would not engage in a prolonged exchange over his tenure as governor, adding that his focus remained on issues affecting Nigerians.
He 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.
The former governor also appealed to state governors to allow presidential candidates and other political contestants to campaign freely in their states, regardless of their political affiliations.
He said voters should ultimately determine who they want to represent them.
Obi explained that 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.
