Anambra’s $123.77m external facilities were not loans I borrowed – Peter Obi

Former Anambra State Governor and Nigeria Democratic Congress (NDC) presidential candidate, Peter Obi, has disputed claims that his administration left the state with $123.77 million in external loans.

Obi said he neither obtained a loan from any financial institution nor issued a bond on behalf of Anambra State while he was governor.

He made the clarification on Friday in a post on his X handle amid controversy over external financing tied to development projects executed during his tenure.

The Anambra State Government had put the contracted value of eight external facilities linked to projects undertaken under Obi at $123.77 million, with $92.35 million still outstanding as of June 30, 2026, according to figures from the Debt Management Office.

But Obi argued that the figures represented different categories of financing and should not be lumped together as debt incurred by his administration.

According to him, there is a need to differentiate between the total amounts approved for multi-year development programmes, funds actually accessed by Anambra during his tenure and the outstanding balance at the time he left office 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 explained that the eight facilities were largely World Bank and International Fund for Agricultural Development programmes negotiated by the Federal Government, with participating states accessing the funds through subsidiary arrangements.

He maintained that the facilities were different from conventional commercial loans personally secured by him, while acknowledging that the 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.

The former governor also referred to the then Director-General of the DMO, Abraham Nwankwo, whom he said stated during Obi’s farewell ceremony that he was the only governor during Nwankwo’s 10-year tenure who did not approach him for a loan facility.

Obi further questioned the figures being attributed to Anambra’s external debt, citing DMO records which he said showed that the state’s external debt was approximately $18 million when he assumed office in March 2006.

He said the figure stood at about $30 million when he left office in March 2014 and rose to approximately $45.15 million by December 31, 2014.

He therefore asked the state government to explain how $123.77 million could be described as facilities inherited from his administration when, according to the DMO figures he cited, Anambra’s external debt was about $30 million at the point he handed over.

Obi also said his administration left no unpaid salaries, gratuities or pensions, adding that there were no verified debts owed to contractors or suppliers who had completed government-certified projects.

He claimed that his administration left more than $150 million as the dollar component of investments in the state at the end of his tenure.

According to him, the funds could have generated about $10 million annually had they remained untouched.

Obi argued that the income generated from the investments over the years could have been sufficient to offset the $92.35 million outstanding funding referenced by the state government, while still leaving additional resources for investment.

The NDC presidential candidate, however, said he would not engage in an extended dispute over his record as governor, stressing that his attention remained focused on the challenges facing Nigerians.

He also dismissed reports of a disagreement between him and his successor, Governor Chukwuma Soludo, saying there was no dispute between them or with 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.

Obi further called on state governors to permit presidential candidates and other political contestants to campaign freely in their respective states irrespective of their political affiliations.

He said voters should be allowed to decide who they want to represent them.

The former governor explained that his silence on the debt controversy in recent days was partly because he had been 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.