The presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, has defended his financial stewardship as former governor of Anambra State, stressing that he did not leave the state burdened with commercial debt.
Obi broke his silence over recent claims about Anambra’s debt profile via a statement issued on Friday, September 25, 2026, saying he had delayed responding while mourning the death of his associate, Okey Ezeibe.
Addressing allegations that his administration left Anambra with debts amounting to $123.77 million, Obi maintained that he never obtained commercial loans or issued bonds on behalf of the state during his eight-year tenure.
The former governor said the funds in question were concessionary development facilities provided through the federal government by international institutions such as the World Bank and the International Fund for Agricultural Development (IFAD), rather than loans he personally secured.
Obi stated that the Anambra State Government had wrongly combined the total approved funding, the amount drawn during his tenure and the outstanding balances after he left office, presenting them as debts inherited from his administration.
He also cited figures from the Debt Management Office (DMO), saying Anambra’s external debt stood at about $18 million when he assumed office in 2006, rose to about $30 million when he left office in March 2014, and reached approximately $45.15 million by December 2014.
Obi questioned how the state could claim it inherited a debt of $123.77 million from him when official DMO records reflected significantly lower figures during and immediately after his administration.
The former governor further stated that he left more than $150 million in state savings, which he said could have generated annual returns of about $10 million if left untouched.
Obi also maintained that his administration left no unpaid salaries, pensions, gratuities or certified contractor debts.
Obi stated: “When I left office, the Anambra State Government owed no unpaid salaries, gratuities, or pensions. Neither did it owe any contractor or supplier who had completed work that the government had verified and certified.
“The Anambra State Government must therefore clarify how a state whose recorded external debt was about US$30 million in March 2014 and US$45.15 million in December 2014 could supposedly have inherited US$123.77 million from Peter Obi, who left office in March of that same year.
“On the day I left office, I left more than US$150 million as the dollar component of my investment in Anambra State as governor. I hereby provide documents that can be verified with the various banks. Had it remained untouched, this investment was expected to provide Anambra State with approximately US$10 million in annual income.
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“Even if their assertion were accurate—which it is not—that Anambra owed US$123 million, the government could have used the US$10 million generated annually from my savings to reduce the debt. It has now been 13 years since I left office, which would amount to US$130 million. The debt should have been fully settled by now.
“Had they retained the funds I left in the bank, including the compound interest on the principal and the additional income, the total would be approximately US$335 million today.
“If they had chosen to repay the US$92.35 million funding, the entire amount would have been covered, leaving approximately US$242 million to be reinvested. That sum would have generated about US$20 million annually for Anambra 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.”
He said he had no intention of engaging in prolonged exchanges over his tenure, adding that his attention remained on addressing Nigeria’s worsening economic hardship, insecurity and declining living standards.
“Through this clarification, I wish to state categorically that I will neither engage nor trade words with anyone regarding my tenure in Anambra State. My focus will now be on issues affecting the suffering Nigerian masses, which is the reason for my presidential ambition,” Obi said.
The former governor added that he had no disagreement with Anambra State Governor Chukwuma Soludo or any other governor, while appealing to state leaders to allow all presidential candidates to campaign freely ahead of the 2027 general election.
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