Obi challenges Anambra’s $123.77m debt claim, cites DMO figures

Former Anambra State Governor Peter Obi has challenged the state government’s claim that his administration left behind $123.77 million in external loans, saying the figure conflates approved development financing, funds actually drawn and outstanding debt.

Mr Obi made the clarification in a statement titled “On the Anambra Debt Question” following a renewed dispute over the state’s debt profile under his administration.The former governor said he had remained silent in recent days while mourning the death of his elder brother and friend, Chief Okey Ezeibe.

The Anambra State Government had said eight external loan facilities associated with projects undertaken during Mr Obi’s administration had a combined value of $123.77 million, with $92.35 million outstanding as of June 2026. The government said the figures were based on its summary of Debt Management Office records.Mr Obi, however, disputed describing the entire $123.77 million as “loans left by Peter Obi”.

Obi questions debt figures

Mr Obi said he did not approach any financial institution to borrow funds or issue a bond on behalf of Anambra State while he was governor.He cited a statement by the then Director-General of the DMO, Abraham Nwankwo, who, according to Mr Obi, declared at his farewell ceremony that he was the only state governor during Mr Nwankwo’s 10-year tenure who had not approached him for a loan facility.He also said he left office on 17 March 2014 without unpaid salaries, gratuities or pensions, and without outstanding payments to contractors or suppliers whose completed work had been verified and certified.On the external facilities, Mr Obi said they were primarily World Bank and International Fund for Agricultural Development (IFAD) development programmes negotiated by the Federal Government and accessed by participating states through subsidiary arrangements.“The eight facilities identified were primarily World Bank and IFAD development programs negotiated by the Federal Government, with participating states receiving access to the funds through subsidiary arrangements. They were not conventional commercial loans that I personally secured during my tenure.”He said the distinction did not mean Anambra had no repayment obligations, but argued that each facility should be examined based on its approval, effectiveness, drawdown and repayment record.

Obi cites DMO records

Mr Obi also questioned the state’s presentation of the $123.77 million figure against DMO records on Anambra’s external debt.According to him, DMO records showed that Anambra’s external debt stood at about $18 million when he began his tenure in March 2006, about $30 million when he left office in March 2014 and approximately $45.15 million by December 2014.The DMO has published external debt stock reports for March and 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,” Mr Obi said.The state government has maintained that the $123.77 million represents eight external facilities associated with projects during Mr Obi’s administration and that $92.35 million remained outstanding as of June 2026.

‘I left more than $150m’

Mr Obi also introduced another dimension to the dispute, saying he left more than $150 million as the dollar component of his investment in Anambra State when he handed over power.He said the funds were expected to generate about $10 million annually for the state.He argued that, even if the state government’s debt claim were accepted, the annual income from the funds could have been used to repay the alleged liability over the years.Mr Obi said that, based on his calculation, the funds and accumulated returns could have reached approximately $335 million if they had remained untouched.He further argued that repayment of the alleged $92.35 million outstanding balance would still have left about $242 million available for reinvestment.Those calculations are Mr Obi’s own projections and were not independently verified in his statement.

Obi says he will focus on national issues

Mr Obi said he had no disagreement with Governor Charles Soludo and was not seeking to become governor of any state again.He also appealed to governors to allow political opponents to campaign freely in their states ahead of the 2027 elections.“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.He said he would not engage in further exchanges over his tenure as governor, adding that his focus would be on issues affecting Nigerians.The former governor served as Anambra governor from 2006 to 2013, with a brief break before returning to office, and handed over to Willie Obiano on 17 March 2014.The debt dispute comes as the Anambra State Government continues to defend its account of the external facilities and their outstanding balances. The government has released details of the eight facilities, while Mr Obi is disputing how those facilities have been characterised and attributed to his administration.