Anambra Releases Obi-Era Debt Records, Says Ex-Governor Left N127.4bn External Loan Balance
By Trek Africa Newspaper
The Anambra State Government has released records of what it described as outstanding public debts incurred during the administration of former Governor Peter Obi, challenging claims that the former governor left the state without debt.
The government said Obi, who governed the state from 2006 to March 2014, left behind eight external loan obligations, with the outstanding balance of the loans standing at N127.4 billion as of June 30, 2026, based on the latest report of the Debt Management Office (DMO).
The disclosure was contained in a statement signed by the Commissioner for Information and Value Reorientation, Dr Law Mefor, titled: “Gov Peter Obi and Record of Public Debt in Anambra: Facts Beyond Propaganda and Lies.”
The statement was issued in response to a recent post by Obi in which the former governor reportedly described claims about debts incurred during his administration as “phantom debts” and an “ecological loan fallacy.”
The state government accused Obi of making what it described as “wild and verifiably false claims,” insisting that the records of the loans and their subsequent servicing could be independently verified.
According to the government, Obi’s administration contracted about US$123.77 million in external debt, with the outstanding balance of the eight identified loans translated to about N127.4 billion at the official exchange rate as of June 2026.
It said the loans were obtained for projects and programmes covering areas including malaria control, erosion management, education and healthcare.
The government, however, acknowledged that borrowing was not necessarily negative, arguing that loans used for productive and bankable projects could contribute to development.
It said the present administration had been servicing the debts left behind by previous governments, describing the payments as part of the state’s financial obligations.
The statement also said the government had reviewed audited and published expenditure records covering Obi’s eight-year tenure and calculated that his administration spent about $4.05 billion during the period.
At the current exchange rate, the government said, the expenditure would amount to approximately N5.4 trillion, while stressing that no government could complete every development project during its tenure.
The government said: “Hardly any government in the world has zero debt stock. The issue is not whether or not borrowing is good; no business or government can scale significantly without some debt.”
It added that Obi should not portray every debt obligation as inherently negative, particularly where loans were tied to projects capable of producing tangible benefits for citizens.
The Anambra government further alleged that Obi left the state with significant infrastructure and social-sector challenges when he handed over power on March 17, 2014.
Among the issues listed were the alleged absence of functioning urban and rural water schemes, insecurity, poverty, poor public schools and hospitals, inadequate teachers and medical personnel, as well as deteriorating infrastructure and urban slums.
The government also claimed that 78 out of Anambra’s 179 communities, representing about 44 per cent, did not have public primary schools.
It said the administration of Governor Chukwuma Soludo was only beginning to address the alleged gap in public primary-school provision.
On healthcare, the state government claimed that only about 27 per cent of residents patronised public health institutions because of what it described as poor quality and non-functional facilities.
The government also referenced a recent statement attributed to Obi at a Nigerian Bar Association conference, where he reportedly acknowledged shortcomings in the state’s public healthcare system.
The state government, however, said it would have considered borrowing for the rehabilitation of public schools, hospitals, water schemes and other infrastructure justifiable if such borrowing had been undertaken for those purposes.
It also accused the former governor of leaving behind unpaid salaries, gratuities and pension obligations involving retired teachers and former staff of the state Water Corporation.
The government described Obi’s claim that he cleared all inherited arrears of pensions, salaries and gratuities as “patently false.”
It nevertheless said it would not enter into the historical dispute between Obi and his predecessors over which administration was responsible for particular arrears.
The state government maintained that its disclosure was intended to provide the public with what it called verifiable information on the state’s debt position rather than engage in political propaganda.
