Former Anambra State governor, Peter Obi, has challenged the state government to explain how it arrived at the figure of $123.77 million allegedly left as debt by his administration when he handed over power in March 2014.
Obi, in a statement in his verified X, handle, said the figure was a combination of different categories of multilateral development financing and should not be described wholesale as “loans left by Peter Obi.”
He said he had remained silent over the issue in recent days because he was mourning the death of his elder brother and friend, Chief Okey Ezeibe.
The former governor said: “As Governor of Anambra State, I did not approach any financial institution to borrow funds or issue a bond on behalf of the state.”
According to him, the then Director-General of the Debt Management Office, DMO, Abraham Nwankwo, had at his farewell ceremony described him as the only governor during his 10 years in office who had not approached the DMO for a loan facility.
Obi also said that when he left office, the state government had no outstanding salaries, gratuities or pensions, while contractors and suppliers whose completed works had been verified and certified were not owed.
Explaining the multilateral financing, he said the World Bank and International Fund for Agricultural Development, IFAD, facilities were concessionary development-support funds secured by the Federal Government for selected states to address specific development needs.
He said repayment of the facilities was spread over periods of between 25 and 30 years.
Obi maintained that the state government must distinguish between the total amount approved for a multiyear development programme, the amount actually drawn by Anambra during his tenure and the balance outstanding when he handed over on March 17, 2014.
He said, “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.”
The former governor said the eight facilities cited were primarily World Bank and IFAD development programmes negotiated by the Federal Government, with participating states accessing the funds through subsidiary arrangements.
He stressed that this did not mean Anambra had no repayment obligations, adding that each facility should be examined based on its approval, effectiveness, drawdown and repayment records.
Obi further questioned the figures attributed to Anambra’s external debt.
He said the state government claimed that the original facilities amounted to about $123.77 million, with $92.35 million remaining outstanding as of June 2026.
However, Obi said DMO records showed that Anambra’s total external debt stood at approximately $18 million when he assumed office in March 2006, about $30 million in March 2014 when he left office, and approximately $45.15 million as of December 31, 2014.
He consequently challenged the state government to explain how a state whose recorded external debt was about $30 million at the point he handed over could have inherited $123.77 million from his administration.
Obi said, “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.”
He also appealed to political leaders to focus on the challenges confronting Nigerians and allow political contestants to campaign freely, saying voters should ultimately be allowed to determine who they want to govern them.
Obi added that he had no disagreement with Governor Chukwuma Soludo or any other governor and was not seeking to become governor of any state again.
