Obi rejects Anambra debt claim, says he left over $150m in funds

Former Anambra State Governor Peter Obi has rejected claims that his administration left the state with $123.77 million in debt, saying he instead handed over more than $150 million in investments and funds.

Obi addressed the controversy during an interview on Arise News, describing the presentation of the debt figures as incorrect public accounting.

He maintained that during his eight years as governor, his administration did not approach commercial financial institutions to borrow money or issue bonds on behalf of Anambra State.

The dispute centres on eight external development facilities associated with projects undertaken during Obi’s tenure.

The Anambra State Government has said those facilities had a combined original value of $123.77 million, with an outstanding balance of $92.35 million as of June 30, 2026, which it valued at about N127.37 billion.

However, the state’s Commissioner for Information, Law Mefor, later said the government still needed to establish precisely how much of the $123.77 million facility amount was actually drawn during Obi’s administration.

Obi argued that the facilities were primarily World Bank and International Fund for Agricultural Development programmes negotiated through the Federal Government and accessed by participating states.

He acknowledged that such facilities could involve repayment obligations but argued that each should be assessed according to its approval date, drawdown and repayment history rather than treating the full contracted value as money personally borrowed by his administration.

Obi also cited Debt Management Office figures which, according to him, showed Anambra’s external debt at about $30 million when he left office in March 2014.

He further said his administration left more than $150 million in foreign-currency investments, along with additional local investments, and maintained that the state had no unpaid salaries, pensions, gratuities or certified contractor obligations when he handed over.

The Anambra State Government disputes Obi’s overall account of the state’s finances, making the issue an ongoing political and accounting disagreement ahead of the 2027 election.