NEWS
“I Never Borrowed Money Or Issued Bonds As Anambra Governor” – Peter Obi Reaffirms
Former Anambra State Governor and presidential candidate of the Nigeria Democratic Party (NDC), Peter Obi, has broken his silence on the controversy surrounding the state’s external debt, insisting that he did not borrow money from any financial institution or issue bonds on behalf of Anambra State during his eight years in office.
Obi, who served as governor from 2006 to 2014, made the clarification while responding to recent public discussions over multilateral development funds associated with Anambra State.
The former governor said he had remained silent in recent days because he was mourning the death of his elder brother and friend, Chief Okey Ezeibe.
He, however, said he had decided to address the issue because of the growing public debate surrounding his administration’s financial record.
Obi urged Nigerians to focus on the economic difficulties confronting citizens and what he described as the existential challenges facing the country, rather than allowing political distractions to dominate public discourse.
He also dismissed suggestions that his comments were motivated by a disagreement with the incumbent Anambra State Governor, Professor Chukwuma Soludo.
According to him, he has no disagreement with Soludo or any other governor and has no intention of seeking the office of governor again, even if the Constitution is amended.
Obi further appealed to governors across the country to allow presidential candidates and other contestants to campaign freely in their respective states, regardless of political affiliation.
Turning specifically to the debt controversy, Obi said the description of multilateral development funding as “debt owed by Peter Obi” was inaccurate. He stated that during his tenure, he did not approach any financial institution to borrow funds or issue a bond for Anambra State.
He cited the then Director-General of the Debt Management Office, Abraham Nwankwo, whom he said publicly acknowledged at his farewell ceremony that Obi was the only state governor during Nwankwo’s 10-year tenure who had not approached him for a loan facility.
Obi also maintained that he left office without unpaid salaries, gratuities or pensions and without outstanding payments to contractors or suppliers whose completed projects had been verified and certified by the government.
The former governor explained that the development financing being referenced in the current controversy largely involved World Bank and International Fund for Agricultural Development programmes negotiated by the Federal Government and made available to participating states through subsidiary arrangements.
He stressed that such facilities should not automatically be treated as conventional commercial loans personally obtained by a governor.
Obi argued that three different figures must be separated when discussing Anambra’s development financing: the total amount approved for a multiyear programme, the amount actually drawn by Anambra State during his tenure and the outstanding balance at the time he handed over power on March 17, 2014.
According to him, combining those figures and describing the resulting US$123.77 million as “loans left by Peter Obi” amounts to an incorrect application of public-sector accounting.
He said the eight facilities being referenced were primarily development programmes negotiated by the Federal Government, with states accessing the funds under subsidiary arrangements.
Obi acknowledged that Anambra State had repayment obligations associated with the facilities, but insisted that each facility must be assessed based on its approval, effectiveness, actual drawdown and repayment history.
He pointed to what he described as a contradiction between the figures attributed to the Anambra State Government and historical Debt Management Office records.
Obi said the government had cited approximately US$123.77 million as the original facilities and US$92.35 million as the outstanding amount in June 2026.
However, he argued that DMO records showed Anambra’s total external debt at approximately US$18 million when he assumed office in March 2006, about US$30 million when he left office in March 2014 and approximately US$45.15 million by December 31, 2014.
He therefore questioned how Anambra could have supposedly inherited US$123.77 million from his administration when the state’s recorded external debt stood at about US$30 million when he left office.
The former governor also revisited his administration’s financial reserves, claiming that he left more than US$150 million as the dollar component of his investment in Anambra State.
Obi said documents supporting the claim had been provided and could be verified with the relevant banks.
According to him, the funds, if left untouched, were expected to generate approximately US$10 million annually for the state. He argued that even if the claim of a US$123 million debt were accepted, the annual income from the funds could have been used to progressively reduce the liability.
Obi calculated that over 13 years, the income could have amounted to approximately US$130 million.
He further claimed that if the funds had remained invested, including compound interest and additional income, their value could have risen to approximately US$335 million.
He said that even after settling the reported US$92.35 million outstanding funding, about US$242 million could have remained available for reinvestment, potentially generating approximately US$20 million annually for Anambra State.
The former governor maintained that he left Anambra State in a strong financial position when he handed over power in 2014.
“Let me reiterate that, when I left office, I left Anambra State in a strong financial position, the strongest of any state in Nigeria and I stand by that position,” he said.
Obi said he did not intend to engage in a prolonged exchange of words over his tenure as governor, insisting that his attention would now remain focused on national issues and the hardships confronting Nigerians.
He linked that focus to his presidential ambition, saying his political objective remained centred on addressing the challenges facing the Nigerian people.
In a further categorical statement, Obi reiterated his position on borrowing and bond issuance during his administration.
“Let me categorically say again, I, Mr. Peter Obi, didn’t approach any financial institutions to borrow money or issue bonds on behalf of Anambra State in the 8 years I was in government. On the day I left office, I was not owing any salary,” he said.
He concluded with his familiar political message: “A new Nigeria is POssible.”