Obi Rejects Anambra's $123 Million Debt Claim, Cites $150 Million Surplus

Peter Obi, the presidential flagbearer for the Nigeria Democratic Congress (NDC), has vehemently denied allegations that he left Anambra State with a $123 million debt. Instead, the former governor asserts that his administration handed over a financially robust state, boasting over $150 million in its coffers.

These assertions come after the Anambra State government repeatedly claimed that Obi's tenure burdened the state with substantial financial liabilities that are still being settled. Obi has publicly challenged the state government to provide concrete evidence for their claims, vowing to withdraw from his presidential campaign if such proof materializes. The state government has previously released various statements detailing figures that purportedly show a $123 million debt.

Speaking during an exclusive interview with Arise News on Thursday night, September 24, Obi dismissed the accusation as 'very wrong public accounting.' He elaborated on his stance, stating, '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.'

Obi further emphasized that throughout his eight years as governor, he never sought loans from any financial institution nor issued bonds on behalf of Anambra State. He maintained that his administration cleared all outstanding salaries, gratuities, pensions, and payments to verified and certified contractors. He also clarified that he holds no animosity towards the current Governor Soludo, whom he affectionately referred to as his brother.

He reiterated, '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.'

Regarding the World Bank and IFAD loans, Obi clarified that these figures were misrepresented. He explained that these were concessionary development facilities secured by the Federal Government of Nigeria and subsequently on-lent to qualifying states for specific projects. He noted that Anambra's foreign debt stood at approximately $18 million when he assumed office and rose to about $30 million by March 2014, when he exited. By December 2014, nine months after his departure, the state's total foreign debt reached $45 million.