Reported by Oravbiere Osayomore Promise.
Senator Adams Oshiomhole has challenged former Anambra State Governor Peter Obi to explain how he accumulated the $150 million in savings he claims to have left in the state’s treasury at the end of his tenure.
Oshiomhole, who represents Edo North in the Senate and previously served as Edo State governor, raised the questions during an interview with Symfoni TV published on Thursday, October 8, 2026.
He questioned how Obi built up dollar savings when state governments received their federal allocations in naira, recalling that governors had previously sought to receive their allocations in dollars because of differences between official and market exchange rates.
According to Oshiomhole, the Federal Government rejected the proposal, insisting that the naira was the country’s recognised currency.
“So I asked Obi, where did you get dollars to save? Did you receive naira from Abuja and go to bid for dollars to save for Anambra State?” he asked.
Oshiomhole also disputed Obi’s assertion that he did not borrow money while serving as governor between 2006 and 2014. He argued that funds obtained through World Bank facilities could still constitute loans even where repayment was deferred.
“If you are not paying it immediately, it’s not a loan? It’s in the books, and a future government will necessarily pay it anyway,” the senator said.
He explained that repayment moratoriums could allow an administration to leave office before a loan became due, leaving a successor government responsible for repayment.
Oshiomhole also criticised Obi’s account of a reception reportedly organised by the then Director-General of the Debt Management Office to recognise the former governor for allegedly not seeking loan approvals. He described the claim as “another lie”, although the interview excerpt did not provide further details to substantiate his allegation.
Obi’s Position On Anambra’s Finances
Obi has maintained that he did not leave Anambra State burdened with debt. In a statement and subsequent media interviews, he argued that the external financing associated with his administration should not simply be treated as conventional loans personally obtained by his government.
The former governor has said the facilities were largely multilateral development programmes facilitated by the Federal Government and that the state’s financial position must be assessed by distinguishing between approved financing, funds actually drawn and outstanding balances.
Obi also maintained that he left more than $150 million in savings and investments, which he said could have generated approximately $10 million annually for the state.
However, the Anambra State Government has disputed his account. The state’s Commissioner for Information and Value Reorientation, Law Mefor, previously said eight external financing facilities associated with projects undertaken during Obi’s administration had a combined contracted value of $123.77 million, with $92.35 million outstanding as of June 30, 2026.
Obi has challenged the characterisation of the entire amount as debt left by his administration, arguing that the figures do not adequately distinguish between approved facilities, amounts disbursed and the state’s actual outstanding obligations when he left office in March 2014.
The competing claims have intensified the debate over the former governor’s financial record, the use of multilateral development funding and the difference between a government’s savings and its outstanding liabilities.
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