Anambra debt: Obi says no rift with Soludo, rejects loan claims

Peter Obi, presidential candidate of the Nigeria Democratic Congress (NDC) ahead of the 2027 election, has denied having any disagreement with Anambra State Governor Charles Soludo amid the controversy over the state’s debt.

Obi, who previously served as governor of Anambra State, said he had no disagreement with Soludo or any governor in the country, adding that he was not interested in seeking the office of governor again.

He also called on governors to create an environment where all political candidates can campaign freely, saying voters should ultimately decide who serves them.

Obi made the remarks in a statement on his X handle on Friday, released by Idris Zekeri, spokesman of the Peter Obi Media Office (POMR).

He said his decision to speak followed days of silence during which he was mourning the death of his “beloved brother and friend,” Chief Okey Ezeibe.

“I respectfully urge everyone to concentrate on the existential challenges confronting Nigeria and the hardships endured by its citizens, rather than on the needless distractions that have become widespread in our politics,” Obi said.

He added: “I wish to assure the public that I have no disagreement with my dear elder brother, Governor Soludo, or with any governor in Nigeria. 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.”

On political participation, Obi urged governors to support their preferred presidential candidates while allowing other candidates to campaign without obstruction.

“Accordingly, I appeal to governors to support whichever presidential candidate they choose while also permitting and assisting other presidential candidates and contenders for other offices to campaign freely and without interruption in their states. Ultimately, voters should be allowed to determine whom they wish to serve,” he said.

Addressing the Anambra debt controversy, Obi rejected the description of multilateral development funding as “debt owed by Peter Obi.”

“As Governor of Anambra State, I did not approach any financial institution to borrow funds or issue a bond on behalf of the state,” he said.

Obi cited a statement by former Director-General of the Debt Management Office (DMO), Abraham Nwankwo, who, according to him, appointed him chairman at his farewell ceremony and declared that he was the only state governor during Nwankwo’s 10 years in office who had not approached him for a loan facility.

He further said that when he left office, Anambra had no unpaid salaries, gratuities or pensions and did not owe contractors or suppliers whose completed work had been verified and certified by the government.

On World Bank funding, Obi explained that the funds were concessionary development-support funds secured by the Federal Government for states selected to address specific needs, with repayment spread over 25 to 30 years.

He said the Anambra State Government needed to distinguish between the total amount approved for multiyear development programmes, the amount actually drawn during his tenure and the balance outstanding when he handed over on 17 March 2014.

Obi disputed the state government’s presentation of US$123.77 million as “loans left by Peter Obi,” arguing that the figures represented different categories of development financing.

He said the eight facilities cited were mainly World Bank and International Fund for Agricultural Development (IFAD) programmes negotiated by the Federal Government, with participating states accessing the funds through subsidiary arrangements.

“The clearest contradiction appears in the government’s own figures,” Obi said, noting that the government stated that the original facilities amounted to approximately US$123.77 million, with US$92.35 million still outstanding in June 2026.

He contrasted this with DMO records which, he said, 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.

“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,” he said.

Obi also claimed that he left more than US$150 million as the dollar component of his investment in Anambra State when he left office.

“Had it remained untouched, this investment was expected to provide Anambra State with approximately US$10 million in annual income,” he said.

He added that even if the state’s claim that it owed US$123 million were accurate, the annual income from the funds could have been used to reduce the debt.

According to Obi, 13 years of such income would amount to US$130 million.

He further said that if the funds had remained in the bank with compound interest and additional income, they would be worth approximately US$335 million today. He said repayment of the US$92.35 million funding would have left about US$242 million for reinvestment, which could have generated about 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.

He concluded: “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.”

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