Peter Obi, the presidential candidate of the Nigeria Democratic Congress, has spoken extensively about the debt he is alleged to have left behind after eight years as governor of Anambra State by Governor Chukwuma Soludo.
Obi said he did neither borrow in the name of Anambra State nor issue bonds during his eight years as governor.
Obi told Arise TV yesterday that his administration left office in March 2014 without owing salaries, gratuities, pensions or contractors who had completed, certified and verified jobs.
The former governor was replying to queries concerning recent charges by the Anambra State Government that his administration left behind unpaid debts and other liabilities for subsequent administrations to settle.
I want to declare again, and clearly, that I, Mr Peter Obi, did not approach any financial institution to borrow money or issue bonds on behalf of Anambra declare during the eight years I was in office.
“On the day I left office, the government of Anambra State, which I led, was not owing salary, gratuity or pension to those who were to be paid by the state government.
“Not one contractor or supplier that did his work, certified and verified, we owed them anything,” he added.
Obi stated that the loans being attributed to his administration were not funds he personally secured from financial institutions, adding that some of the funding arrangements were backed by the federal government.
“I didn’t go to get it. “But what I am saying is that if your father left you an inheritance of N100m and then suddenly somebody comes up and says your father is owing N10m. You are heading to the market to tell them that your father left you debts? “If there’s nothing else you’ll be unfair,” he remarked.
According to him, the federal government chose Anambra, Ekiti and Bauchi States to get the concessionary multilateral funding based on their performance in the area of education.
There’s a distinction between I went to the bank to borrow money, then the federal government sees, ‘Oh, this state is doing good education wise. They chose Anambra, Ekiti and Bauchi and stated, ‘These three states are performing well. Why not give them a concessionary multilateral support to aid them?
The finance, which included the World Bank, was not from a commercial bank by Anambra, Obi said.
“Yes, and the World Bank,” Obi replied when asked if the cash was a decision by the federal government to give support.
“To help us out. nor that we go to the World Bank and say give me this, nor that we go to any commercial bank. And to even make it more … when it occurred, if you look at State Education Program Investment Project (SEPIP), you will notice the drawdown was well after I left office.”
He said that even if they had spent the entire sum there would still have been enough to cover it.
“I’ve taken the whole and said even if that was the case, there was enough left to pay it, and the state will still be in the best financial standing,” he added.
Obi also contended that the undrawn monies under a credit facility should not be treated as debt incurred by the government
“Even if I had gone to a bank, and borrowed money, even if I had gone to a bank, and borrowed money, but I did not spend the money, you cannot call it debt I left.
“Let’s say I go to the bank and I say, ‘Bank A lend me money, give me a loan of N10 billion. And they granted me a loan of 10 billion Naira and I only drew down 500 million. You cannot now say I’m owing 10 billion, since you know the number. That’s why I said it’s not proper public sector accounting.”
Obi quoted the former Debt Management Office Director-General, Abraham Nwankwo, who, he said, held office for 10 years, to back his position.
Nwankwo invited him to chair his send-off ceremony and publicly remarked that Obi was the first governor in Nigeria that never visited his office to request authority to borrow money.
“To just confirm this, the then DG… Abraham Nwankwo was DG of Debt Management Office for 10 years. He welcomed me as the chairman on the day he left office at his send off party and he declared to everybody at that party that the reason why he made me chairman is that I was the only governor in Nigeria who never came to his office for approval to borrow money,” he said.
The issue followed previous criticisms by the Anambra State Government that accused Obi of leaving unresolved external loans and other liabilities.
Recently, the state administration dared Obi to withdraw from the 2027 presidential contest, accusing him of leaving unpaid external debts, wage, pension and gratuity arrears and reneging on past promises on debt and payment of workers.’
The state, via its New Media Office and Commissioner for Information and Value Reorientation, Dr Law Mefor, said that eight external borrowings secured during Obi’s tenure had an outstanding balance of approximately N127.4 billion (from $123.77 million) as at June 30, 2026, which is still being serviced from federal allocations.
It also highlighted wage arrears, especially at the Water Corporation, and questioned Obi’s assertion of leaving more than N2.13 billion in an ecological fund account.
Obi had earlier pledged to withdraw from the race if it was revealed that he left the state indebted or with outstanding certified contractor commitments.
NDC, Ok Movement clash Soludo
The NDC and the OK Movement, supported by Peter Obi, have condemned Anambra State Governor, Prof Chukwuma Soludo, for his persistent attacks on Obi amid the intensifying political struggle for the 2027 presidential election.
Osa Director, the National Publicity Secretary of the NDC, dismissed Soludo’s attack on Obi as a distraction, saying the Anambra governor was carrying out the bidding of certain unknown political interests.
This was revealed by the Director in an exclusive phone chat with The PUNCH.
‘This is more like a distraction Obi is having,’ he said. Soludo is the man on the spot now allegedly doing somebody’s bidding to destroy his own brother. He seems to be going too far about this, and it is really petty of him.”
Also, the Director-General of the OK Movement, Mr John Ughulu, who spoke exclusively to our correspondent, told Soludo to concentrate on administering Anambra State instead of making Obi the subject of his political attacks.
Ughulu said the movement appreciated Soludo’s choice to back President Bola Tinubu and the APC in 2027 but said political differences should not translate into a protracted fight against Obi.
“We believe that Soludo should channel his energy and attention to the business of governing Anambra State and delivering on the mandate given to him by the people.
Obi departed office as governor 12 years ago. Anambra people are wise enough to judge the history of former governments and compare it with the current reality they are faced with today. They do not require political actors to instruct them how to judge the past.
We also accept the political decision of Prof Soludo to endorse President Bola Tinubu and the APC in the 2027 presidential election. It is the constitutional right of any Nigerian to support a politician or political platform of his or her choosing.
“But political disagreement should not become a permanent campaign against another person.”
He said Obi’s increasing popularity in the Southeast and other parts of the country was a political reality that should be met with better policies and programs rather than personal attacks.
The DG of the OK Movement also said Soludo was not a presidential contender in 2027, and there was no value in turning the election into a perennial struggle with Obi.
“The increasing acceptance of Peter Obi in the South East and other parts of Nigeria is a political reality that can not be wished away. The appropriate answer to popularity in a democracy is to counter with a better vision, ideas and programs, not personal assaults.
“The OK Movement has deliberately told its members and supporters not to engage in any unnecessary or divisive exchanges. We continue to focus on issues that important to Nigerians: good governance, economic development, security, institutional accountability, equity, justice and competent leadership.
“Soludo is not part of the 2027 presidential election. If his political purpose is to promote APC presidential campaign, he is entitled to do so. But there is little point in making the politics of 2027 a permanent struggle with Peter Obi. Campaigns and Elections
“We therefore appeal to him to focus on the development of Anambra and let the people make their own independent assessment of every political leader and administration.
“The OK Movement will continue to advocate for issue-based politics, peaceful democratic participation and responsible political discourse. We will not be defeated. “Nigeria will be fine.”
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