Former Anambra State Governor Peter Obi has responded to claims that his administration borrowed or issued bonds worth $123.77 million during his time in office.
Obi said he did not borrow the money or issue any bond on behalf of Anambra State during his eight-year tenure as governor.
The former governor’s response comes amid a growing debate over the state’s debt obligations and the financing of projects carried out under his administration.
According to Obi, the figure being circulated does not accurately represent money borrowed by his administration. He explained that some of the funds were linked to development programmes supported by institutions such as the World Bank and the International Fund for Agricultural Development (IFAD).
Obi argued that there is a difference between funds approved under a development programme, money actually accessed by the state and the amount outstanding at the time he left office.
He also cited debt figures which he said showed that Anambra’s external debt stood at about $30 million when he left office in March 2014.
Obi further maintained that he left the state without outstanding salaries, pensions and gratuities owed by the government, while also insisting that verified obligations to contractors and suppliers had been settled.
However, the Anambra State Government has disputed his account.
The state government said eight external facilities associated with projects implemented during Obi’s administration had a combined contracted value of $123.77 million, with about $92.35 million reportedly outstanding as of June 30, 2026.
The disagreement has therefore shifted attention to the exact nature of the financing arrangements, how much was actually drawn and how the outstanding obligations should be attributed.
While Obi maintains that he did not personally borrow or issue bonds for the state, the Anambra Government maintains that the financial obligations remain debts of the state connected to projects undertaken during his administration.
The controversy is expected to continue as both sides present different interpretations of Anambra’s historical debt records.
At the centre of the dispute is one key question: What exactly makes up the $123.77 million figure, and how much of it was outstanding when Peter Obi left office in 2014?
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