Former Anambra governor says World Bank, IFAD facilities were development programmes, not loans he personally secured
Former Anambra State Governor and Nigeria Democratic Congress (NDC) presidential candidate, Peter Obi, has rejected claims by the Anambra State Government that his administration left behind US$123.77 million in external debt, saying the figure conflates approved development financing, actual drawdowns and outstanding liabilities.
Obi, in a statement published on Friday, September 25, 2026, also said he would never seek the office of governor again, even if Nigeria’s Constitution were amended to permit him to do so.
The former governor said he had remained silent over the controversy because he was mourning his late brother and friend, Chief Okey Ezeibe.
He urged political actors to concentrate on Nigeria’s economic difficulties rather than what he described as political distractions.
“I wish to assure the public that I have no disagreement with my dear elder brother, Governor Soludo, or with any governor in Nigeria,” Obi said. “I am not seeking the office of governor in any state, and I will not seek that position again, even if the Constitution is amended.”
The statement followed a fresh exchange between Obi and the administration of Governor Chukwuma Soludo over Anambra’s debt position.
The Anambra Government said last week that eight external financing facilities associated with projects implemented during Obi’s tenure had a combined value of about US$123.77 million, with the outstanding balance standing at about N127.4 billion as of June 30, 2026, using the official exchange rate. The state said the facilities supported projects in areas including malaria control, education, healthcare, erosion management, community development and agriculture.
Obi disputes the description of the entire US$123.77 million as debt he personally borrowed or left unpaid when he handed over power on March 17, 2014.
According to him, the facilities were primarily World Bank and International Fund for Agricultural Development (IFAD) development programmes negotiated through the Federal Government, with participating states accessing the funds through subsidiary arrangements.
He said the public should distinguish between the total amount approved for a multiyear programme, the amount actually drawn by Anambra and the balance outstanding when he left office.
“The government has combined these distinct categories, added them together, and described the resulting US$123.77 million as ‘loans left by Peter Obi’,” he said, describing that approach as an incorrect application of public-sector accounting.
Obi also cited Debt Management Office (DMO) figures which, according to his statement, put Anambra’s external debt at approximately US$18 million when he assumed office in 2006, about US$30 million in March 2014 and approximately US$45.15 million by December 2014.
He questioned how the state could have inherited US$123.77 million from his administration if the DMO’s recorded external-debt stock around the handover period was substantially lower.
The figures require careful comparison, however, because the US$123.77 million cited by the Anambra Government concerns the identified financing facilities, while debt-stock figures refer to the state’s recorded external debt at particular dates. Determining whether the figures are contradictory requires examination of the individual facility agreements, disbursements, repayments and DMO records.
The Anambra Government has maintained that the facilities remained obligations inherited by subsequent administrations and said the Soludo administration continues to service them.
The state has also disputed Obi’s claim that he left no outstanding salaries, pensions or gratuities, alleging that arrears involving former Water Corporation workers and primary-school teachers remained unresolved. The government further challenged Obi’s separate claim concerning ecological funds allegedly left in a First Bank account.
But Obi’s media office dismissed allegations by the Anambra State Government regarding unpaid arrears and worker deaths at the Anambra State Water Corporation as a political attempt to discredit his record as governor.
Jeo-Martins Uzodike, former commissioner for information, Obi’s office rejected claims that arrears were left unpaid and that 200 workers died during his tenure because of the administration.
In a statement, he challenged the accusers to provide verifiable records regarding the total workforce of the corporation, the exact number of deaths during his administration, and comparable figures from other administrations.
He questioned the narrative by asking whether Water Corporation workers were uniquely susceptible to death under only one specific administration.
On Friday, Obi maintained that his administration left Anambra in a strong financial position.
He said more than US$150 million in investments and savings remained in the state’s accounts when he left office and claimed the funds could have generated about US$10 million annually.
He further argued that, if those funds had remained invested, their accumulated value could have reached approximately US$335 million, although those calculations are his own projections and have not been independently established in the material reviewed.
Obi said he would not continue exchanging words with the Anambra Government over his tenure.
“My focus will now be on issues affecting the suffering Nigerian masses, which is the reason for my presidential ambition,” he said.
The dispute comes as Obi prepares for the 2027 presidential election, with the debt controversy now involving competing interpretations of historical state-finance records that can ultimately be resolved only by detailed examination of the underlying loan agreements, drawdown records and official debt statements.