Peter Obi Breaks Silence on Anambra Debt Saga, Insists He Has No Issues with Soludo, Others

Presidential candidate of Nigeria Democratic Congress, NDC, Mr. Peter Obi has broken his silence on the controversy surrounding the state’s debt profile, insisting that he has no disagreement with his successor, Governor Chukwuma Soludo, or any other governor in the country.

The former Anambra Governor said he had refrained from commenting on the matter in recent days because he was mourning the death of his elder brother and friend, Chief Okey Ezeibe.

In a statement addressing the controversy, the former governor urged Nigerians and political leaders to focus on the economic hardship and other challenges confronting citizens rather than what he described as needless 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.

He also dismissed speculation that he was interested in returning to the Anambra governorship, saying he was not seeking the office and would not contest for it again, even if the Constitution were amended.

Obi subsequently appealed to governors to allow political candidates, regardless of party affiliation, to campaign freely in their respective states.

“Ultimately, voters should be allowed to determine whom they wish to serve them,” he said.

On the contentious issue of Anambra’s multilateral development financing, Obi rejected the description of the funds as “debt owed by Peter Obi,” maintaining that he did not personally obtain loans or issue bonds on behalf of the state during his tenure.

He recalled that at his farewell ceremony, the then Director-General of the Debt Management Office (DMO), Abraham Nwankwo, had described him as the only state governor during his 10-year tenure who had not approached the DMO for a loan facility.

Obi further claimed that he left office in March 2014 without outstanding obligations relating to salaries, gratuities and pensions, and without unpaid debts to contractors or suppliers whose completed work had been verified and certified by the government.

Addressing the World Bank-related financing cited in the current controversy, Obi said the funds were concessionary development-support facilities secured by the Federal Government for participating states to implement specific development programmes.

According to him, the facilities were repayable over periods of between 25 and 30 years and should not be treated in the same manner as conventional commercial loans.

He argued that the Anambra State Government must distinguish between the total amount approved under a multiyear development programme, the amount actually drawn by the state during his administration, and the outstanding balance at the point he handed over power on March 17, 2014.

Obi alleged that the government had combined those separate figures and subsequently described a total of US$123.77 million as “loans left by Peter Obi.”

“That is an incorrect application of public-sector accounting,” he maintained.

According to the former governor, the eight facilities referenced in the controversy were primarily World Bank and International Fund for Agricultural Development (IFAD) development programmes negotiated by the Federal Government, with participating states accessing the funds through subsidiary arrangements.

He stressed, however, that this did not mean Anambra had no repayment obligations, arguing that each facility should be assessed based on its approval, effectiveness, drawdown and repayment history.

Obi also questioned what he described as inconsistencies between the figures attributed to the state government and historical DMO debt records.

He said the government had cited approximately US$123.77 million in original facilities and US$92.35 million outstanding as of June 2026.

By contrast, Obi said 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 as of December 31, 2014.

He therefore called on the Anambra State Government to explain how the state could have allegedly inherited US$123.77 million from his administration when its recorded external debt stood at about US$30 million at the time he left office.

Obi also revisited his administration’s financial position, claiming that he left more than US$150 million as the dollar component of investments made for Anambra State.

He said documents relating to the funds were available and could be verified with the relevant banks.

According to Obi, the funds, if left untouched, could have generated approximately US$10 million annually for the state.

He argued that, over the 13 years since he left office, such returns could have generated about US$130 million—enough, in his calculation, to settle the alleged debt of US$123 million.

Obi further claimed that, if the funds had remained invested with compound interest and additional income, they could be worth approximately US$335 million today.

He said that even if US$92.35 million were deducted to settle the outstanding financing cited by the state government, about US$242 million would remain for reinvestment and could generate roughly US$20 million annually for the state.

“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,” Obi said.

The former governor, however, said he would not engage in a public war of words over his administration’s record.

“I will neither engage nor trade words with anyone regarding my tenure in Anambra State,” he said, adding that his attention would instead remain focused on issues affecting Nigerians.

Obi said addressing the challenges confronting the country remained central to his presidential ambition.

“A new Nigeria is POssible,” he concluded.

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