Former Anambra State Governor Peter Obi has disputed the state government’s claim that his administration left behind $123.7 million in external loans, saying he handed over the state in a strong financial position with more than $150 million in funds and investments.
Obi made the statement during an interview with Arise News on Thursday, September 24, 2026, responding to a renewed dispute over Anambra’s debt position during his administration.
The controversy followed the release of records by the Anambra State Government, which said eight external loans contracted between 2007 and 2013 were attributable to Obi’s administration. The government said the loans had a combined value of about $123.7 million, with $92.35 million still outstanding as of June 2026.
Obi rejected the presentation of the figures and challenged the state government and relevant institutions to make the underlying records public.
Obi Says He Left More Than $150 Million
Obi said that even if the $123.7 million figure were accepted for argument’s sake, Anambra still had sufficient funds when he left office to cover the liability.
“Assuming—let me even assume that Anambra State was right, even though it’s false,” Obi said, arguing that he left more than $150 million in funds.
He said the money was held in different forms, including cash, investments and foreign currency.
According to Obi, the handover documents contained bank statements showing where the funds were held.
“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,” he said.
He argued that the funds could have continued generating income while being used to service the state’s obligations.
Anambra Government Says Eight Loans Were Contracted
The Anambra State Government’s position is that Obi’s administration contracted eight external loans between 2007 and 2013.
The loans were linked to development projects covering areas including malaria control, agriculture, healthcare, education, erosion management and community development.
According to the figures released by the state, the original value of the identified loans was approximately $123.7 million.
The government said the outstanding balance was about $92.35 million as of June 2026, which it valued at approximately ₦127.37 billion using the exchange rate applied in its calculation.
That distinction is important because $123.7 million refers to the value of the loans identified by the state, while $92.35 million is the reported outstanding balance in 2026. Neither figure by itself establishes that $123.7 million was outstanding when Obi handed over in March 2014.
What Did Anambra’s Debt Look Like Around 2014?
Available Debt Management Office data provides additional context.
DMO records cited in previous fact-checking show that Anambra had approximately $30.32 million in external debt as of December 31, 2013, alongside about ₦3.03 billion in domestic debt. Obi remained governor until March 17, 2014.
A separate DMO record cited by a recent fact-check places Anambra’s external debt at $41.46 million as of June 30, 2014, roughly three months after Obi left office. However, that record alone does not establish when each loan was contracted or when the funds were disbursed.
This means the current dispute involves an important distinction between:
- the total value of loans contracted during an administration;
- the amount actually drawn down;
- the outstanding debt at the time of handover; and
- the balance still outstanding years later.
Those figures should not automatically be treated as the same amount.
Obi Says He Did Not Personally Borrow or Issue Bonds
Obi also rejected the suggestion that he personally approached financial institutions to borrow money or issue bonds on behalf of Anambra State during his eight years in office.
“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,” he said.
He further maintained that he left no outstanding salaries, gratuities or pensions and did not owe contractors or suppliers whose completed work had been certified and verified.
However, previous fact-checking has found that the broader claim that Anambra had no debt when Obi left office is not supported by DMO records.
Obi Explains the World Bank and IFAD Loans
Obi said some of the loans being discussed were concessionary development facilities obtained through the Federal Government and subsequently made available to states for specific development projects.
He said Anambra’s external debt was approximately $18 million when he assumed office and around $30 million when he left in March 2014.
Obi argued that these facilities were long-term loans, with repayment periods of between 25 and 35 years.
He also claimed that Anambra’s foreign debt had increased to approximately $45 million by December 2014, several months after he had left office.
The precise loan-by-loan history remains central to determining which facilities were contracted, drawn down and outstanding at different points in time.
Obi Challenges Banks and World Bank to Verify Records
The former governor challenged the relevant institutions to publish records that could independently establish the amounts involved.
He specifically referred to the World Bank and Nigerian banks associated with the transactions.
Obi said the institutions could verify the history of the loan drawdowns as well as the funds he says were available when he handed over power.
He also pointed to former Debt Management Office Director-General Abraham Nwankwo, whom he said had previously acknowledged that Obi was the only governor who did not approach the DMO for approval to borrow during his tenure.
That claim would need to be checked against the former DMO official’s original statement and the relevant records.
The $150 Million Handover Claim Remains Disputed
Obi’s assertion that he left more than $150 million in funds and investments is also not a settled fact.
Previous fact-checking found no publicly available evidence sufficient to independently verify the specific claim that he handed over $150 million in a generational fund.
A 2021 FactCheckHub investigation noted conflicting claims about the amount handed over to Willie Obiano, while DMO data confirmed that Anambra had outstanding external and domestic debt around the end of 2013.
Obi has continued to maintain that his handover documents contain the relevant financial records.
Obi Says He Has No Dispute With Soludo
Despite the renewed disagreement over Anambra’s finances, Obi said he had no personal disagreement with incumbent Governor Chukwuma Soludo.
He described Soludo as his brother and rejected suggestions that the dispute was necessarily connected to his political ambitions ahead of the 2027 presidential election.
Obi said his focus remained on the country’s broader challenges.
The disagreement therefore remains largely centred on how Anambra’s historical financial records should be interpreted and which liabilities should be attributed to the different administrations.
What Happens Next?
The key issue is likely to be the underlying documentation.
To establish the precise financial position at Obi’s handover in March 2014, the relevant records would need to distinguish between loans approved, loans signed, funds actually disbursed, amounts outstanding at handover and balances subsequently repaid or still outstanding.
The Anambra government has published details of the loans it attributes to the Obi administration, while Obi has challenged the interpretation and pointed to his handover documents and bank records.
Until the underlying records are independently reconciled loan by loan, the competing figures should be treated as separate claims rather than as interchangeable measures of Anambra’s debt at the point Obi left office.
Frequently Asked Questions
Did Peter Obi leave Anambra with $123.7 million in debt?
The Anambra State Government says eight external loans contracted between 2007 and 2013 under Obi’s administration had a combined value of about $123.7 million. However, that figure represents the value of the identified loans and should not automatically be interpreted as the amount outstanding when Obi left office in March 2014.
How much external debt did Anambra have around the time Obi left office?
DMO data cited in previous fact-checking shows about $30.32 million in external debt as of December 31, 2013. Another DMO record cited in a recent analysis shows $41.46 million as of June 30, 2014, after Obi had left office.
Did Peter Obi say he left $150 million in Anambra?
Yes. Obi repeated his long-standing claim that he left more than $150 million in cash, investments and foreign currency and said his handover documents contained supporting bank statements.
Has the $150 million handover claim been independently verified?
Previous fact-checking found that publicly available records did not independently establish the precise $150 million figure. Different accounts have also given different descriptions of the funds allegedly handed over by Obi to his successor.
What is the main disagreement between Obi and the Anambra government?
The disagreement concerns how the state’s historical loans and financial position should be calculated and attributed. The state says eight external loans contracted during Obi’s tenure form part of the debt inherited by subsequent administrations, while Obi disputes the presentation and says he left substantial funds and investments that should be considered alongside the state’s liabilities.
