Former Anambra State Governor and presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, has forcefully rejected claims that he left the state with a $123 million debt burden, insisting that he handed over a financially strong government with more than $150 million in funds and investments.
Obi made the clarification on Thursday night, September 24, during an exclusive interview on Arise News, amid an escalating dispute between him and the Anambra State Government over the state’s debt position when he left office in March 2014.
The former governor described the presentation of the $123 million figure as “very wrong public accounting”, arguing that the figure did not represent money actually drawn down or debt incurred by his administration.
Obi said that even if the state government’s claim were accepted for the sake of argument, the more than $150 million he allegedly left behind would have been sufficient to offset the obligation while leaving the state with substantial capital.
“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,” he said.
He argued that if the funds had remained invested and the annual returns had been used to service the alleged debt, the state would have cleared the obligation while retaining the original capital and its annual income.
“How it is now bundled that as of the time I left office, I left $123-something million is very wrong public accounting,” Obi added.
Obi maintained that he did not approach any financial institution to borrow money or issue bonds on behalf of Anambra State throughout his eight years in government.
He also insisted that his administration left office without outstanding salary, gratuity or pension obligations owed to persons due for payment by the state government.
According to him, contractors and suppliers who had completed work that was properly certified and verified were also not left unpaid.
“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,” he said.
Obi also challenged the manner in which World Bank and International Fund for Agricultural Development (IFAD) facilities have been attributed to his administration, arguing that some of the concessionary facilities were obtained by the Federal Government and subsequently made available to eligible states for specific development projects.
He said Anambra’s external debt stood at about $18 million when he assumed office and was approximately $30 million when he left in March 2014.
The controversy intensified after the Anambra State Government published figures concerning external financing facilities associated with previous administrations.
According to reports on the state’s position, eight external financing facilities had an original value of about $123.77 million, with an outstanding balance of about $92.35 million as of June 30, 2026.
The state has argued that the liabilities remain part of the financial obligations being serviced by the government.
However, the dispute has also produced conflicting interpretations of the loan figures. The Anambra Commissioner for Information and Value Reorientation, Dr Law Mefor, reportedly acknowledged that the state had not properly verified how much of the $123 million facility was actually drawn down before the broader figure was presented as debt.
Obi has challenged the relevant institutions to publish the underlying records, including loan drawdown documents and bank statements contained in his handover records, saying the figures can be independently verified.
The former governor also dismissed suggestions that he harbours any ill feelings towards incumbent Governor Chukwuma Soludo, describing Soludo as his brother.
