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Former Anambra State Governor and 2023 Labour Party presidential candidate Peter Obi has responded to the controversy surrounding the state’s reported multilateral development loans, rejecting claims that he left behind $123.77 million in debt.
Obi said he had remained silent in recent days because he was mourning the death of his elder brother and friend, Chief Okey Ezeibe.
In a statement addressing the controversy, he said his focus remained on Nigeria’s economic challenges and the hardship facing citizens.
Obi denies disagreement with Soludo
Obi also dismissed suggestions of a disagreement between him and his successor, Governor Chukwuma Soludo.
He said he had no dispute with Soludo or any other governor and stressed that he was not interested in seeking the governorship 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,” he said.
He further appealed to governors to allow presidential candidates and other political contenders to campaign freely in their respective states.
According to him, voters should ultimately be allowed to decide who they want to represent them.
Obi disputes $123.77 million debt figure
Addressing the central issue, Obi said the $123.77 million figure being described as “debt owed by Peter Obi” was inaccurate.
He said that during his tenure as governor, he did not approach any financial institution to borrow money or issue a bond on behalf of Anambra State.
Obi cited former Director-General of the Debt Management Office (DMO), Abraham Nwankwo, who he said declared at his farewell ceremony that he was the only state governor during Nwankwo’s 10-year tenure who had not approached him for a loan facility.
He added that he left office in March 2014 without unpaid salaries, gratuities or pensions, and without outstanding payments to contractors or suppliers whose completed work had been verified and certified by the government.
Obi explains World Bank and IFAD funding
The former governor said the development funds in question were largely concessionary financing secured by the Federal Government for selected states to implement specific development programmes.
According to Obi, repayment for such facilities is spread over periods ranging from 25 to 30 years.
He argued that the Anambra government should distinguish between the total amount approved for a multiyear development programme, the amount actually drawn during his tenure and the outstanding balance at the time he handed over power on March 17, 2014.
Obi accused the state government of combining the different figures and presenting the resulting $123.77 million as loans inherited from his administration.
He described that approach as an incorrect application of public-sector accounting.
Obi questions Anambra’s debt figures
Obi said the eight facilities referenced by the Anambra government were mainly World Bank and International Fund for Agricultural Development (IFAD) programmes negotiated by the Federal Government.
He explained that participating states accessed the funds through subsidiary arrangements, arguing that they should not be treated as conventional commercial loans personally secured by him.
However, he acknowledged that Anambra had repayment responsibilities under the various programmes, saying each facility should be examined based on its approval, effectiveness, drawdown and repayment records.
He also questioned what he described as inconsistencies between the state government’s figures and DMO records.
Obi said the government claimed the original facilities amounted to about $123.77 million, with $92.35 million still outstanding as of June 2026.
He contrasted this with DMO records which, according to him, put Anambra’s external debt at about $18 million when he assumed office in March 2006 and approximately $30 million when he left office in March 2014.
He further cited a figure of about $45.15 million as of December 31, 2014, nine months after he left office.
Obi therefore asked the Anambra government to explain how a state with recorded external debt of about $30 million at the time of his departure could have inherited $123.77 million from his administration.
Obi says he left over $150 million investment
Obi also claimed that he left more than $150 million as the dollar component of his investment in Anambra State when he handed over power.
He said documents supporting the claim were available and could be verified with the relevant banks.
According to Obi, the funds were expected to generate about $10 million in annual income for the state if they had remained untouched.
He argued that, based on that projection, the income over 13 years would amount to about $130 million, which he said could have been used to offset the alleged debt.
Obi further claimed that, including compound interest and additional income, the funds could have grown to approximately $335 million.
He said that even if the alleged $92.35 million outstanding funding were repaid from the funds, about $242 million would remain for reinvestment, potentially generating about $20 million annually for the state.
‘I will not trade words with anyone’
Obi maintained that he left Anambra State in a strong financial position when he completed his tenure in 2014.
“I will neither engage nor trade words with anyone regarding my tenure in Anambra State,” he said, adding that his attention would now remain on issues affecting Nigerians.
He linked his continued political ambition to his stated desire to address the challenges facing the country.
“A new Nigeria is POssible,” Obi concluded.