Former Anambra State Governor and Nigeria Democratic Congress (NDC) presidential candidate, Peter Obi, has denied borrowing $123.77 million on behalf of Anambra State during his tenure, challenging the state government’s description of the funds as loans inherited from his administration.
Obi said he neither approached any financial institution to obtain a loan nor issued a bond on behalf of the state while serving as governor from March 2006 to March 2014.
He made the clarification on Friday in a post on his X handle amid controversy over external financing linked to development projects implemented during his administration.
The Anambra State Government had said eight external financing 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, according to figures from the Debt Management Office (DMO).
However, Obi argued that the figures should not be presented as a single debt incurred by his administration, insisting that the total approved financing, the amount actually drawn by the state and the outstanding balance at the end of his tenure were different categories.
“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.
Peter Obi Explains Anambra’s $123.77m External Financing
The former governor said the eight financing 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 Anambra 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 also cited the former Director-General of the Debt Management Office, Abraham Nwankwo, who he 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.
Obi Questions Anambra’s External Debt Figures
The NDC presidential candidate further challenged the figures 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.
According to Obi, the debt rose to approximately $30 million when he left office in March 2014 and stood at about $45.15 million by December 31, 2014.
He questioned how the state government could describe $123.77 million as financing inherited from his administration when, according to the figures he cited, Anambra’s external debt was about $30 million at the time he handed over power.
Obi also claimed that his administration left no unpaid salaries, gratuities or pensions and no verified debts owed to contractors or suppliers who had completed government-certified projects.
Former Governor Claims He Left Over $150m in InvestmentsObi said his administration left more than $150 million as the dollar component of its investments in Anambra State when he left office in 2014.
He added that the funds could have generated about $10 million annually if they had remained untouched.
According to him, the income generated from the investments over the years could have been used to offset the $92.35 million outstanding financing 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, insisting that his focus remained on the challenges facing Nigerians.
Obi Dismisses Speculation of Rift With SoludoObi also dismissed speculation of a disagreement with his successor, Governor Chukwuma Soludo, saying he had no dispute with him 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 their political affiliations, stressing that voters should determine who represents 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.He urged Nigerians to focus on the country’s challenges and the hardships faced by citizens rather than political disputes.
“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.
