Peter Obi, the presidential candidate of the Nigeria Democratic Congress (NDC), has disputed claims by the Anambra State Government that his administration left behind external debt obligations of $123.77 million, insisting that the funds he kept in the state exceeded any such figure.
Obi made his position known during an interview on Arise News on Thursday, September 24, saying the state's accounting of his tenure was misleading and did not reflect the financial assets he left behind. The Anambra government had earlier stated that eight external financing facilities linked to development projects undertaken between 2007 and 2013, under Obi's watch, carried a combined original value of $123.77 million, with an outstanding balance of $92.35 million—about N127.4 billion—as of June 30, 2026.
Obi's $150 Million Bond Savings
Obi told Arise News that the dollar savings his administration accumulated and invested in bonds at the time of his departure totalled more than $150 million, generating a guaranteed annual return of roughly $10 million for the state. He said: “As at the time I left office, the dollar components of my savings invested in various bonds were over $150 million, which gives Anambra State guaranteed income of about $10 million yearly.”
He argued that even accepting the state's debt figure at face value, the investments he left would have been more than sufficient to clear the liability while preserving the principal. “If they just kept the money that I left and were using the income to pay the loan, they would have finished paying it now, with the capital of $150 million still remaining, and still giving Anambra State $10 million annually,” he said.
Obi Rejects Loan Classification
Beyond the numbers, Obi also challenged how the facilities were described, insisting they were not loans his administration personally arranged with financial institutions. He said: “I told you these are not loans. I didn't go to the bank.” He explained that some of the financing came through concessionary multilateral programmes facilitated by the Federal Government, including support channelled through the World Bank.
Obi said Anambra was selected alongside Ekiti and Bauchi states because of their performance in education. He also said the $123.77 million figure represented the total value of the financing facilities rather than the amount his administration actually drew down. Obi described the presentation of the figure as “very wrong public accounting” and put Anambra's actual external debt position when he left office at closer to $30 million.
Anambra Government's Position
The facilities covered areas including education, healthcare, malaria control, erosion management, community development and agricultural support. The Anambra government has maintained its position that the eight facilities were contracted during Obi's tenure and that the state continues to service the outstanding obligations.
Obi also said he handed over without leaving unpaid salaries, pensions, gratuities or verified debts owed to contractors. The dispute highlights ongoing disagreements over the financial legacy of his administration, with the state government insisting on its figures while Obi maintains that his savings would have covered any liability.
