Former Anambra State Governor and presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, has rejected claims that he left the state with about $123.7 million in debt when he left office in 2014.
Obi made the clarification during an interview on Arise News on Thursday, September 24, while responding to recent comments by the Anambra State Government concerning the state’s financial obligations.
The state’s Commissioner for Information and Value Reorientation, Law Mefor, had alleged that Obi left behind $123.77 million in debt at the end of his tenure. The state government said the liabilities were connected to development projects in areas including education, healthcare, erosion control and community development.
Responding to the allegation, Obi described the claim as incorrect and said the figures being presented as loans did not represent money he personally borrowed from financial institutions.
He said his administration did not approach banks or issue bonds to borrow money during his eight years as governor.
According to Obi, Anambra had more than $150 million in funds invested in various financial instruments when he left office, generating about $10 million in annual income.
“Let me assume the worst-case scenario — which is false — that there was $123.7 million owed as of the time I left. I left over $150 million that was earning about $10 million,” he said.
Obi argued that even if the $123.7 million figure were accepted, the funds he said he left behind would have been sufficient to repay the obligation while retaining the capital.
He also disputed the description of World Bank and International Fund for Agricultural Development (IFAD) facilities as loans personally obtained by his administration.
The former governor explained that the funds were concessionary development facilities obtained through the Federal Government and made available to qualifying states for specific projects.
He said Anambra’s foreign debt stood at about $18 million when he assumed office and rose to approximately $30 million by the time he left in March 2014. He further claimed that the state’s foreign debt had reached about $45 million nine months after his departure.
Obi also maintained that his administration did not leave behind unpaid salaries, pensions, gratuities or verified debts owed to contractors and suppliers for completed and certified work.
He urged relevant institutions, including the World Bank and financial institutions involved in the transactions, to make the records public so that the figures could be independently verified.
The former governor said his handover documents contained details of the cash, investments, bonds and foreign currency holdings he claimed to have left for the incoming administration.
The controversy comes as political actors in Anambra and across Nigeria continue to debate the financial record of previous administrations, with Obi’s tenure and the state’s debt position becoming part of the wider political discussion ahead of the 2027 general elections.
