Law Mefor: “I Don’t Have Details” of Loans Drawn Under Peter Obi’s Administration

By Staf Reporter

Anambra State Commissioner for Information and Value Reorientation, Dr Law Mefor, has admitted that he does not have the precise figures for the amount of loans actually drawn down under the administration of former Governor Peter Obi.

Mefor made the disclosure during an interview on ARISE News on Friday while addressing questions about loans associated with the former governor’s tenure.

The commissioner confirmed that eight of the loans were guaranteed by the Federal Government but emphasized that the guarantees did not constitute grants or debt forgiveness.

“Yes, it was a federal government-guaranteed loan. Eight of them, federal government-guaranteed. But it was not a dash, it was not a grant,” Mefor said.

According to Mefor, the loans were not compulsory for state governments, and some states reportedly declined to participate because they considered the repayment terms unfavourable.

He further stated that deductions had continued to be made from Anambra State’s Federal Account Allocation Committee (FAAC) allocations to service loans reportedly contracted during Obi’s administration.

“The FAAC allocations to Anambra State have been deducted every month to service the separate loans taken by the Peter Obi administration,” he alleged.

Commissioner Concedes Lack of Drawdown Records

When asked to clarify the actual amount drawn from the loans during Obi’s tenure, Mefor acknowledged that he did not have the relevant figures. “I don’t have the details of how much was drawn down from those loans,” he said.

The commissioner explained that the figures would need to be reconciled with the Debt Management Office (DMO) before the exact amount could be determined.

“But to be honest with you, we need to further reconcile these figures with the Debt Management Office,” Mefor added.

Mefor also recognized that the financial liability attributable to Obi’s administration should correspond to the amount actually drawn during his tenure, rather than the total amount approved.

“I understand the logic that if his administration did not draw down the entire amount, we should attribute liability to him only to the extent that was drawn down during his administration. That is logical,” he stated.

Despite acknowledging that the precise drawdown figures had not been established, Mefor maintained that the Obi administration committed the state to the loan obligations.

DMO Reconciliation Needed to Establish Actual Debt

The commissioner’s comments have brought renewed attention to questions surrounding the total amount of loans approved under the former administration, the sums actually accessed and the balance still being repaid by Anambra State.

However, determining the state’s precise financial exposure requires a review of official loan documentation and reconciliation with the DMO.

Such an assessment should distinguish between the amounts approved, amounts actually drawn down, repayments made, accrued interest and the outstanding balance.

Until the relevant records are reconciled, the precise amount drawn under Obi’s administration and the current outstanding liability attributable to those loans remain to be established.

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