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“You Cannot Call It A Debt I Left” — Peter Obi Fires Back At Soludo Over $123m Anambra Debt Claim
“You Cannot Call It A Debt I Left” — Peter Obi Fires Back At Soludo Over $123m Anambra Debt Claim
Former Anambra State Governor and presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, has responded to the controversy over the state’s debt profile, rejecting claims that his administration left behind $123 million in debt when he handed over power in 2014.
Obi made the clarification during an interview with MEDIA TODAY on Thursday, September 24, 2026, while responding to claims attributed to the administration of Governor Chukwuma Soludo concerning loans linked to his tenure.
The former governor argued that the value of a loan facility approved or made available to a government should not automatically be treated as the amount of debt actually incurred, particularly where the full facility was not drawn down or spent.
According to Obi, the distinction between an approved loan facility and the amount actually accessed is critical to understanding the financial position of Anambra State at the time he left office.
“Even if I had gone to the bank to borrow money but I didn’t spend the money, you cannot call it a debt I left,” he said.
He illustrated his argument with a hypothetical banking transaction, explaining that approval for a large facility does not necessarily mean the entire amount becomes an outstanding liability if only a fraction of the facility is actually accessed.
“Assuming I had gone to the bank and said, ‘Bank A, borrow me 10 billion,’ and they gave me a loan of 10 billion naira, I only drew down 500 million. You cannot say I’m owing 10 billion, because you know the amount.”
“That’s why I said it is not proper public sector accounting. That’s why I showed the layers,” Obi added.
The renewed dispute follows the Anambra State Government’s earlier claim that eight external loan facilities associated with the former governor’s administration had an original combined value of about $123.77 million, with approximately $92.35 million still outstanding as of June 30, 2026.
The state government has also said deductions are being made from its monthly Federation Account Allocation Committee (FAAC) revenue to service the facilities.
However, the figures have become a subject of dispute, particularly over the difference between the total value of facilities contracted, the amount actually drawn down and the debt stock recorded at specific points in time.
In an earlier appearance on Arise TV, Anambra Commissioner for Information and Value Reorientation, Law Mefor, acknowledged that he had not independently verified the precise amount actually drawn from the $123 million facility before the figure was presented in the state government’s argument.
He said records cited during the discussion indicated that only about $30 million had actually been drawn from the World Bank facility.
Obi has therefore maintained that describing the entire $123 million as a debt he left behind does not accurately reflect the state’s financial position when he departed office.
The former governor also challenged the interpretation of the Debt Management Office records, pointing to figures showing Anambra’s external debt at about $30 million around the period he left office, rather than the $123.77 million now being associated with his administration.
In his latest response, he argued that the figures being presented by the state government require proper reconciliation.
To reinforce his position, Obi recalled his relationship with Abraham Nwankwo, who served as Director-General of the Debt Management Office for about a decade.
According to Obi, Nwankwo once publicly acknowledged his approach to borrowing while serving as governor of Anambra State.
“The day he left office, for his send-forth party, he invited me as the chairman and he announced to everybody at that party that the reason why he made me chairman is because I was the only governor in Nigeria who never came to his office for approval to borrow money.”
Obi has repeatedly maintained that he did not approach financial institutions to borrow money or issue bonds on behalf of Anambra State throughout his eight years as governor. He also said that when he handed over in March 2014, the state was not owing salaries, gratuities or pensions scheduled for payment, nor contractors and suppliers whose jobs had been executed, certified and verified.
Beyond the debt argument, Obi has also pointed to the financial assets he said his administration left behind.
In his latest statement, he said more than $150 million in funds remained in the state at the time he left office, arguing that the funds were generating income for Anambra.
The dispute has consequently shifted beyond the simple question of whether loans were associated with projects during Obi’s tenure. At the centre of the controversy is the distinction between loan facilities approved or contracted, funds actually drawn down, outstanding debt at the point of handover, and liabilities subsequently serviced by the state.
With both sides presenting different figures and interpretations, the full picture of Anambra’s financial position at the March 2014 handover remains dependent on a loan-by-loan reconciliation of the relevant Debt Management Office records, disbursements, repayments and outstanding balances.