Obi replies Soludo on Anambra debt saga

By Goodness Ndukuba, Awka

Mr Peter Obi, a former Anambra State Governor and Presidential candidate of the Nigeria Democratic Congress (NDC), has broken his silence on the controversy over the state’s debt profile, rejecting the description of $123.77 million in development financing as “loans left by Peter Obi.”

Obi in a statement on Friday, said the figure represents a combination of different categories of development financing and should not be presented as conventional commercial loans personally obtained by his administration.

This followed days of exchanges between his camp and the Anambra State Government over the financial obligations associated with projects implemented during his tenure.

Obi said that while serving as governor, he did not approach any financial institution to borrow money or issue a bond on behalf of Anambra State.

He cited former Director-General of the Debt Management Office (DMO), Abraham Nwankwo, who, according to Obi, declared at his farewell ceremony that he was the only governor during Nwankwo’s 10-year tenure who had not approached the DMO for a loan facility.

Obi also maintained that he left office on March 17, 2014, without unpaid salaries, gratuities or pensions, and without outstanding payments to contractors or suppliers whose completed works had been verified and certified.

The former governor challenged the way the Anambra government had presented the $123.77 million figure.

According to him, three separate figures must be distinguished:

The total amount approved for a multiyear development programme;
The amount actually drawn by Anambra during his administration; and the balance outstanding when he handed over in March 2014.

He argued that combining these figures and describing the resulting $123.77 million as loans “left by Peter Obi” amounted to an incorrect application of public-sector accounting.

The Anambra state government previously said the eight external facilities had a combined contracted value of $123.77 million and that $92.35 million remained outstanding as of June 30, 2026, citing DMO figures.

Obi said the eight facilities were primarily development programmes involving the World Bank and International Fund for Agricultural Development (IFAD).

He explained that the programmes were negotiated by the Federal Government, with participating states accessing the funds through subsidiary arrangements.

According to him, the facilities were therefore not conventional commercial loans personally secured by him.

He, however, acknowledged that Anambra had repayment responsibilities, stressing that each facility should be examined according to its approval, effectiveness, drawdown and repayment history.

Obi further challenged the government’s interpretation of the debt figures by citing what he described as DMO records showing Anambra’s external debt at approximately $18 million in March 2006, when he assumed office.

He said the figure stood at about $30 million in March 2014, when he left office, and approximately $45.15 million as of December 31, 2014, nine months after his departure.

He questioned how Anambra could have supposedly inherited $123.77 million from his administration if the state’s recorded external debt was approximately $30 million when he handed over.

The figures cited by Obi are central to his response and should be distinguished from the Anambra Government’s separate calculation of the original value and outstanding balance of eight development-financing facilities.

Obi also reiterated his claim that he left more than $150 million in dollar-denominated investments for Anambra State when he left office.

He said the funds, if left untouched, could have generated approximately $10 million annually for the state.

He argued that even if the $123 million debt figure were accepted—which he rejected—the income generated from the funds over the years could have been used to repay the outstanding obligations.

Obi further claimed that retaining the principal, compound interest and additional income could have resulted in approximately $335 million by now.

These investment figures are claims made by Obi and have not been independently established in the available reporting.

Obi also addressed speculation about his relationship with incumbent Anambra Governor Chukwuma Soludo.

He said he had “no disagreement” with elder brother Soludo or any other governor and insisted that he was not seeking to become governor of any state again.

“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,” Obi said.

He also appealed to governors to allow presidential candidates and other political contestants to campaign freely in their states regardless of political affiliation.

Obi said he would not continue exchanging words with anyone over his record as Anambra governor.

He said his focus would instead remain on what he described as the challenges facing Nigerians, which he identified as the reason for his presidential ambition.

The latest statement represents Obi’s direct response to the Anambra Government’s allegations after the state government said his administration left eight external borrowings outstanding.

The dispute remains unresolved, with the two sides presenting different interpretations of the financing arrangements, debt figures and liabilities associated with the projects.

The key issue now is the reconciliation of the individual facilities—their approval amounts, actual drawdowns, balances at the March 2014 handover, subsequent repayments and the methodology used to arrive at the $92.35 million outstanding balance reported for June 2026