“Very wrong public accounting” PETER OBI denies leaving Anambra with $123m debt

Friday, September 25, 2026 - The presidential candidate of the Nigeria Democratic Congress, (NDC), Peter Obi, has dismissed claims that he left Anambra State with $123 million in debt, insisting that he handed over the state in a strong financial position with more than $150 million in funds.

Recall that the Anambra State government has, in recent times insisted Obi left the state with huge financial debt that they are still clearing. Obi denied the claim and dared them to back it up with evidence, and if true, he would quit his presidential campaign. The state government has rolled out several statements with figures claiming he left the state with $123 million debt.

Speaking in an exclusive interview on Arise News on Thursday night, September 24, the former Anambra State governor dismissed the allegation, arguing the allegation was “very wrong public accounting.”

“Assuming—let me even assume that Anambra State was right, even though it’s false, I did not leave $123 million—let me assume the worst-case scenario: that there was $123.7 million owed as of the time I left. I left over $150 million that was earning about $10 million annually. If they had just kept that money I left and used the income to pay the loan, they would have finished paying it now, with the $150 million capital still remaining and still giving Anambra State $10 million annually.

How it is now bundled that as of the time I left office, I left $123-something million is very wrong public accounting,” he said.

He further stated that during his time as governor, he did not approach any financial institution to borrow money or issue bonds on behalf of Anambra State, adding that his administration did not owe salaries, gratuities, pensions or verified and certified contractors.

He stated that he has no ill feelings towards Governor Soludo who he described as his brother. 

“Let me categorically state again: I, Mr. Peter Obi, did not approach any financial institution to borrow money or issue bonds on behalf of Anambra State in the eight years that I was in government.

On the day I left office, the government of Anambra State, which I served, was not owing any salary, gratuity, or pension to those scheduled to be paid by the state government. We were not owing any contractor or supplier who had executed their job, certified, and verified—not one. That is the way it is the day I left office.”

On the World Bank and IFAD loans, Obi said the figures had been wrongly presented, explaining that the concessionary facilities were obtained by the Federal Government and lent to states for specific development projects. He said Anambra’s foreign debt rose from about $18 million when he assumed office to $30 million when he left in March 2014.

“On these issues where World Bank and IFAD loans were listed in documents, the way it is presented is wrong public accounting. First, those were concessionary development support obtained by the Federal Government of Nigeria and on-lent to state governments that qualified or that they wanted to support with certain projects. These are concessionary facilities payable over a period of 25 to 35 years.

As of the time I assumed office as governor of the state, our foreign debt record was about $18 million. As of the time I left office in March 2014, our foreign debt position was about $30 million. In fact, in December 2014, nine months after I left office, the total foreign debt of Anambra State was $45 million.”

Obi maintained that he left Anambra in a strong financial position, with over $150 million in funds, which he said could have cleared the state’s foreign debt and left about $240 million in reserves if properly managed.

“The day I left Anambra State as governor, I left it in a very strong financial standing that no other state in Nigeria—and I repeat, show me any governor since the inception of this country who left over $150 million in funds. I left it in a financial standing that if they followed what I left, today they would have paid off the foreign debt and had at least $240 million left, earning a minimum of $20 million for the state every year,” he said.

Maintaining his position, Obi said the Federal Government had decided to support Anambra and other states with concessionary World Bank funding for development projects, adding that former Debt Management Office Director-General Abraham Nwankwo publicly acknowledged that he never sought approval to borrow money during his tenure.

“The Federal Government saw that the state was doing well in education and selected Anambra, Ekiti, and Bauchi. They said, ‘These states are doing well, why don’t we give them concessionary support to help them? The FG and World Bank.

To confirm this: the then-DG of the Debt Management Office, Abraham Nwankwo, who was DG for 10 years, invited me as chairman to his send-off party when he left office. He announced to everybody at that party that the reason he made me chairman was because I was the only governor in Nigeria who never came to his office for approval to borrow money. To borrow money as governor, you must go through the Federal Government of Nigeria to get approval. I did not approach the Debt Office, I did not approach the Minister, I did not do any of that,” Obi stressed.

Obi presented his handover notes during the interview and said it contained details of the cash, investments and foreign currency holdings he left behind, including bank statements backing the $150 million, and urged the relevant institutions to publish and verify the records.

“This is my handover document. If you go there, you will see how much I left in Naira, in investments, in cash, and the foreign currency component backed with statements. I backed up all the foreign components with bank statements, showing where the $150 million was deposited, how the bonds were issued, and everything. It is not in question.  

Also, you will see that funds expected from the Federal Government as refund for contractor obligations were set aside.  

Please publish these documents. I’m urging you, please. The World Bank is in Abuja; they can give you the history of the drawdowns. The banks mentioned here are Nigerian banks; you have access to their headquarters. Ask them whether this money was there.”

Addressing whether the controversy was linked to his 2027 presidential ambition, Obi said he had no issue with the Anambra State Government, adding that he had faced several petitions and investigations.

“I don’t know. All I say is that I don’t have any issue with the government of Anambra State. All I do every day is pray for Governor Soludo and other governors to concentrate on their jobs, because Nigeria is going through a very difficult situation right now.