Peter Obi rejects $123.77 million debt claim, challenges Anambra government

Former Anambra State Governor Peter Obi has rejected claims that he left $123.77 million in debt when he handed over power in March 2014.

Obi said he did not obtain loans or issue bonds on behalf of the state during his tenure, arguing that the figure cited by the Anambra State Government combines different categories of multilateral development financing.

He made the clarification in a statement published on his X account amid renewed debate over the state’s debt profile and the financial obligations inherited by successive administrations.

The Anambra State Government has maintained that eight external loan facilities associated with projects during Obi’s tenure remained outstanding.

Obi disputes $123.77m debt claim

Obi also challenged the figures attributed to the DMO, saying they did not support the claim that he left $123.77 million in debt when he handed over power on March 17, 2014.

The Anambra State Government has said the eight external facilities had a combined value of about $123.77 million, with $92.35 million still outstanding as of June 30, 2026. It said the facilities covered projects in areas including healthcare, education, agriculture, community development and erosion control.

Obi said DMO records showed Anambra’s total external debt at about $18 million when he assumed office in March 2006.

He said the figure was approximately $30 million when he left office in March 2014.

He further cited a DMO figure of about $45.15 million as of December 31, 2014.

• “The Anambra State Government must therefore clarify how a state whose recorded external debt was about US$30 million in March 2014 and US$45.15 million in December 2014 could supposedly have inherited US$123.77 million from Peter Obi,” he said.

Obi questions multilateral loan figures

Obi said he did not approach any financial institution for a loan or issue a bond for Anambra while he was governor, citing comments previously attributed to former Debt Management Office (DMO) Director-General Abraham Nwankwo.

He also said the state had no unpaid salaries, gratuities or pensions when he left office, and that it did not owe contractors or suppliers whose completed projects had been verified and certified.

• “During his 10 years in office, I was the only state governor who had not approached him for a loan facility,” Obi quoted Nwankwo as saying.

Obi said the facilities cited by the state were development-support programmes secured by the Federal Government for selected states to finance specific projects.

He said the repayment periods typically ranged from 25 to 30 years and that participating states accessed the funds through subsidiary arrangements.

Obi argued that the approved value of a multiyear programme, the amount actually drawn by Anambra during his tenure and the outstanding balance at handover should be treated as separate figures.

• “The Anambra State Government must therefore differentiate among three separate figures: the total amount approved for the multiyear development program; the amount Anambra State actually drew during my tenure; and the funding balance outstanding when I handed over on 17 March 2014. The government has combined these distinct categories, added them together, and described the resulting US$123.77 million as ‘loans left by Peter Obi.’”

Nairametrics reported that Anambra recorded N11.55 billion in debt in 2025, accounting for 0.26% of total subnational debt.

This marks a sharp 59.73% decrease from N28.68 billion in 2024, the largest YoY reduction among all ten states, suggesting either significant debt repayment, a reclassification of obligations, or a combination of both.