The Anambra State Government has disclosed that former governor Peter Obi left the state with $123.77 million in external debt when he left office in March 2014.

The state Commissioner for Information and Value Reorientation, Law Mefor, made the disclosure in a statement on Wednesday.

Mefor said the loans were obtained to finance projects covering malaria control, education, healthcare, erosion management, community development and value-chain development.

According to him, the outstanding balance of the loans stood at N127.4 billion as of June 30, 2026, based on the official exchange rate.

He also said Obi’s administration recorded audited expenditures of about $4.05 billion over its eight-year tenure, equivalent to approximately N5.4 trillion at the current exchange rate.

The commissioner stressed that borrowing was not inherently wrong, arguing that governments could legitimately incur debt to finance development projects and human-capital investment.

However, he alleged that despite the borrowing, Obi left the state without functioning urban and rural water schemes, while public schools and hospitals were poorly staffed.

Mefor further disputed Obi’s claim that he left more than N2.13 billion in ecological funds in a First Bank account for the state.

He said the state government had found no records showing that Anambra received such funds during Obi’s tenure.

The latest development follows a disagreement between Obi and the state government over loans inherited by successive administrations.

Obi had rejected the claim that he left outstanding debts, saying his administration settled what was due before leaving office. He also maintained that he left N2.1 billion in ecological funds for the state.