Former Anambra State Governor and presidential candidate of the African Democratic Congress (ADC), Peter Obi, has broken his silence over recent controversies surrounding his tenure, dismissing claims that he left behind $123.77 million in debt for the state.
Obi said he had remained silent in recent days because he was mourning the death of his elder brother and friend, Chief Okey Ezeibe.
However, he said he had decided to address issues that had dominated public discussion, urging Nigerians to focus on the country’s economic hardship and other “existential challenges” confronting citizens rather than political distractions.
“I have remained silent over the past few days because I have been grieving the loss of my very dear elder brother and friend, Chief Okey Ezeibe,” Obi said.
He also dismissed speculation of a political rift between him and Anambra State Governor, Chukwuma Soludo, saying he had no disagreement with Soludo or any other governor.
Obi further declared that he was not seeking the governorship of any state and would not contest for the position again, even if the Constitution were amended to permit it.
He called on governors to support their preferred presidential candidates while allowing rival candidates and other political contenders to campaign freely in their states.
“Ultimately, voters should be allowed to determine whom they wish to serve them,” he said.
Obi Rejects $123.77m Debt Claim
On the controversy over multilateral development funding attributed to his administration, Obi rejected the description of the funds as “debt owed by Peter Obi,” insisting that he did not personally secure conventional loans or issue bonds on behalf of Anambra State during his tenure.
He recalled that the then Director-General of the Debt Management Office (DMO), Abraham Nwankwo, had publicly described him as the only state governor who did not approach the agency for a loan facility during Nwankwo’s 10-year tenure.
Obi also maintained that he left office on March 17, 2014, without unpaid salaries, pensions or gratuities, and without outstanding payments to contractors or suppliers whose completed projects had been verified and certified.
According to him, the development financing being referenced by the Anambra Government consisted largely of concessionary World Bank and International Fund for Agricultural Development (IFAD) programmes secured by the Federal Government for selected states.
He said the funds were made available to participating states through subsidiary arrangements and were repayable over extended periods of between 25 and 30 years.
Obi argued that the state government must distinguish between the total amount approved under multiyear development programmes, the amount actually drawn during his tenure and the balance outstanding when he handed over power.
He accused the government of combining the figures and presenting the resulting $123.77 million as loans inherited from his administration.
“That is an incorrect application of public-sector accounting,” he said.
Obi Challenges Anambra’s Debt Figures
Obi said the government’s own figures raised questions about its claim.
He noted that the Anambra Government reportedly put the original facilities at approximately $123.77 million and said $92.35 million remained outstanding as of June 2026.
However, Obi cited DMO records which, according to him, showed Anambra’s external debt at about $18 million when he assumed office in March 2006, approximately $30 million when he left office in March 2014, and about $45.15 million as of December 31, 2014.
He therefore challenged the state government to explain how it could claim that he left behind $123.77 million in debt when the state’s recorded external debt stood at about $30 million at the time he handed over.
‘I Left Over $150m in Investments’
Obi also claimed that he left more than $150 million as the dollar component of investments made for Anambra State during his administration.
According to him, the funds, if left untouched, were expected to generate about $10 million annually for the state.
He argued that even if the government’s $123 million debt claim were accurate, the annual income from the funds could have been used to substantially reduce or eliminate the obligation.
Obi said that over 13 years, the investment could have generated about $130 million in income.
He further claimed that, with compound interest and additional earnings, the funds could have grown to approximately $335 million.
According to him, if $92.35 million had been used to repay the alleged outstanding funding, about $242 million would have remained for reinvestment, potentially generating roughly $20 million annually for the state.
“I left Anambra State in a strong financial position—the strongest of any state in Nigeria—and I stand by that position,” Obi said.
He said he would not engage in a prolonged war of words over his tenure, adding that his attention would instead remain on issues affecting Nigerians suffering from economic hardship.
“My focus will now be on issues affecting the suffering Nigerian masses, which is the reason for my presidential ambition,” he said.
