Former Anambra State Governor and presidential candidate of the National Democratic Congress (NDC), Peter Obi, has rejected claims that he left the state with $123.77 million in debt, describing the figure as an inaccurate combination of different multilateral development funding categories.
Obi, who broke his silence on the controversy following the recent claims by the Anambra State Government, said he had remained quiet in recent days while mourning the death of his elder brother and friend, Chief Okey Ezeibe.
He said he had no disagreement with his successor, Governor Chukwuma Soludo, or any other governor, adding that he was not seeking to become governor of any state again.
Obi urged political actors to focus on the economic difficulties facing Nigerians rather than what he described as unnecessary political distractions.
Addressing the controversy over Anambra’s debt profile, the former governor said he neither borrowed money from any financial institution nor issued a bond on behalf of the state during his tenure.
He cited the then Director-General of the Debt Management Office (DMO), Abraham Nwankwo, as having declared at his farewell ceremony that Obi was the only governor during Nwankwo’s 10 years in office who had not approached him for a loan facility.
Obi also said that when he left office on March 17, 2014, the state had no outstanding salaries, gratuities or pensions, while contractors and suppliers whose completed work had been verified and certified were also owed nothing.
On the multilateral funding being described as “debt owed by Peter Obi,” he said the figures being cited by the state government failed to distinguish between the total amount approved for development programmes, the amount actually drawn during his administration and the outstanding balance at the time he handed over.
According to him, the facilities in question were largely World Bank and International Fund for Agricultural Development (IFAD) development programmes negotiated by the Federal Government, with participating states accessing the funds through subsidiary arrangements.
He said such facilities were concessionary development financing, with repayment typically spread over 25 to 30 years, rather than conventional commercial loans personally obtained by him.
Obi argued that each facility should therefore be assessed based on its approval, effectiveness, actual drawdown and repayment record.
He further questioned the government’s figures, saying the Anambra State Government had put the original facilities at approximately $123.77 million and the amount outstanding as of June 2026 at $92.35 million.
He, however, said DMO records showed that Anambra’s total external debt stood at about $18 million when he assumed office in March 2006, about $30 million when he left office in March 2014, and approximately $45.15 million as of December 31, 2014.
Obi consequently asked the state government to explain how it arrived at the claim that he left behind $123.77 million in debt when the state’s recorded external debt was about $30 million at the time he handed over.
The former governor also disclosed that he left more than $150 million as the dollar component of what he described as his investment in Anambra State during his tenure.
He claimed that the funds, if left untouched, were expected to generate about $10 million annually for the state.
Obi argued that even if the state’s claim of a $123 million debt were correct, the annual income from the funds could have been used to progressively settle the obligation.
He estimated that 13 years of such income would amount to about $130 million, which, according to him, would have been sufficient to clear the alleged debt.
He further claimed that, with compound interest on the principal and additional income, the funds would be worth approximately $335 million today.
Obi said that if the state had used the funds to repay the alleged $92.35 million outstanding obligation, about $242 million would have remained for reinvestment and could have generated approximately $20 million annually.
He maintained that he left Anambra in a strong financial position when he handed over power in 2014.
“I left Anambra State in a strong financial position—the strongest of any state in Nigeria—and I stand by that position,” Obi said.
He, however, said he would not engage in a prolonged exchange with anyone over his tenure as governor, insisting that his attention would now remain focused on issues affecting Nigerians.
“My focus will now be on issues affecting the suffering Nigerian masses, which is the reason for my presidential ambition,” he said.