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 borrowings 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, based on figures from the Debt Management Office.
But Obi argued that the figures should not be treated as a single debt incurred by his administration.
He said the state government must 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 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 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 that he personally secured during his tenure, while acknowledging that the state had repayment responsibilities 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.
He further cited the then Director-General of the DMO, Abraham Nwankwo, who, according to Obi, 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 also questioned the figures attributed to Anambra’s external debt, citing DMO records which he said showed that the state’s external debt was 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 stood at about $30 million when he left office.
Obi also said his administration left no unpaid salaries, gratuities or pensions and no verified debts owed to contractors or suppliers who had completed work that the government had certified.
He claimed that more than $150 million was left as the dollar component of his investment in Anambra State when he left office, adding that the funds could have generated about $10 million annually if they had remained untouched.
According to Obi, the income generated from those funds 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.
The former governor, however, said he would not engage in a prolonged exchange over his tenure in Anambra, adding that his focus would remain 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 also appealed to governors to allow presidential candidates and other political contestants to campaign freely in their states regardless of their political affiliations, saying voters should ultimately determine who they want to represent them.
Obi said 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.
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