Reported by: Oahimire Omone Precious | Edited by: Oravbiere Osayomore Promise.
Peter Obi, the presidential candidate of the Nigeria Democratic Congress, has rejected claims that he left Anambra State with a debt burden of $123 million, insisting that he handed over a financially strong government with more than $150 million in funds and never borrowed a single kobo from any financial institution during his eight years as governor. Obi made the clarification on Thursday, September 24, 2026, during an exclusive interview on Arise News' Prime Time programme, responding to claims attributed to the incumbent governor, Chukwuma Soludo, and the Anambra State Government.
The dispute, which has been simmering for weeks, escalated after the Anambra State Government released loan records claiming that Obi's administration took eight external loans between 2007 and 2013 amounting to $123.7 million, with an outstanding balance of $92.35 million, equivalent to N127.37 billion as of June 30, 2026. The state's Commissioner for Finance, Izuchukwu Okafor, had earlier claimed on a podcast that the Soludo administration was still repaying loans and other debts incurred by Obi and other past governors. Obi's response on Thursday was his most detailed and forceful yet.
Obi described the presentation of Anambra's debt position at the time he left office in 2014 as "very wrong public accounting." He said: "Assuming—let me even assume that Anambra State was right, even though it's false, I did not leave $123 million—let me assume the worst-case scenario: that there was $123.7 million owed as of the time I left. I left over $150 million that was earning about $10 million annually. If they had just kept that money I left and used the income to pay the loan, they would have finished paying it now, with the $150 million capital still remaining and still giving Anambra State $10 million annually. How it is now bundled that as of the time I left office, I left $123-something million is very wrong public accounting."
The former governor was categorical in his denial of ever taking a loan. "Let me categorically state again: I, Mr. Peter Obi, did not approach any financial institution to borrow money or issue bonds on behalf of Anambra State in the eight years that I was in government. On the day I left office, the government of Anambra State, which I served, was not owing any salary, gratuity, or pension to those scheduled to be paid by the state government. We were not owing any contractor or supplier who had executed their job, certified, and verified—not one. That is the way it is the day I left office."
On the World Bank and International Fund for Agricultural Development loans listed in the documents, Obi explained that the figures had been wrongly presented. He said the concessionary facilities were obtained by the Federal Government and on-lent to states for specific development projects. He recalled that Anambra, Ekiti, and Bauchi were the three states selected to receive the support because of their outstanding performance in the education sector at the time. "There's a difference between I went to the bank to borrow money, then the Federal Government sees, 'Oh, this state is doing well in education.' They selected Anambra, Ekiti, and Bauchi and said, 'These three states are doing well. Why don't we give them a concessionary multilateral support to help them?'" Obi explained. He added that the drawdown on the State Education Programme Investment Project was made well after he left office, further undermining the claim that his administration incurred the debt.
Obi said Anambra's foreign debt rose from about $18 million when he assumed office to about $30 million when he left in March 2014. "In fact, in December 2014, nine months after I left office, the total foreign debt of Anambra State was $45 million," he said. He argued that undrawn funds under a loan facility should not be regarded as debt incurred by the government. "Even if I had gone to a bank and borrowed money, but I did not spend the money, you cannot call it debt I left. Assuming I have gone to the bank and said, 'Bank A, borrow me a loan of N10 billion.' And they gave me a loan of N10 billion, and I only drew down N500 million; you cannot now say I'm owing N10 billion because you know the amount. That's why I said it is not proper public sector accounting."
The former governor maintained that he left Anambra in a strong financial position with over $150 million in funds, which he said could have cleared the state's foreign debt and left about $240 million in reserves if properly managed. "The day I left Anambra State as governor, I left it in a very strong financial standing that no other state in Nigeria—and I repeat, show me any governor since the inception of this country who left over $150 million in funds. I left it in a financial standing that if they followed what I left, today they would have paid off the foreign debt and had at least $240 million left, earning a minimum of $20 million for the state every year," he said.
The Anambra State Government has stood by its figures. In a statement on Wednesday, the Commissioner for Information, Law Mefor, described Obi's claims as "wild, and verifiably false." The government said the outstanding balance on the eight external loans stood at N127.37 billion as of June 30, 2026, and insisted that Obi's administration left behind unpaid salary and gratuity obligations. The Presidency has also weighed in, with the Special Adviser to the President on Information and Strategy, Bayo Onanuga, challenging Obi to honour his pledge to withdraw from the presidential race if his claims were proven wrong.
The controversy has become a central issue in the build-up to the 2027 general elections, with Obi's opponents using the debt allegations to question his credibility and his supporters pointing to his record as evidence of prudent financial management. Obi has previously said that if anybody could establish that he left debt in Anambra, he would stop campaigning. On Thursday, he did not repeat that vow, but he made it clear that he stood by his record and was prepared to defend it. "I did not leave $123 million. I left over $150 million," he said. For now, the matter remains unresolved, with both sides sticking to their figures and the people of Anambra State left to weigh the competing claims of two of the state's most prominent political figures.
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