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Former Anambra State Governor Peter Obi is disputing claims that his administration left behind N127.4 billion in outstanding external loans. He clarifies that these were predominantly development programs with institutions like the World Bank and IFAD, negotiated through the Federal Government, not direct borrowings. Obi argues the state government's figures fail to distinguish between approved facilities, drawn amounts, and actual outstanding balances.
Why it matters
This dispute highlights accountability and transparency issues in public finance management in Nigeria, potentially influencing public perception of political figures and future governance. It also sheds light on the nature of international development aid and its financial implications for states.
The controversy over the financial obligations inherited by the Anambra State Government has taken a fresh turn, with former governor Peter Obi disputing the basis for attributing about N127.4 billion in outstanding external loans to his administration.
Obi said the figure being presented by the state government failed to distinguish between facilities approved for development programmes, amounts actually drawn and the balances outstanding at different periods.
He made the clarification while appearing on Arise TV, where he maintained that he neither approached a financial institution to borrow money nor issued a bond on behalf of Anambra during his eight years in office.
His comments followed claims by the Anambra Government that eight external financing facilities associated with projects during his tenure had an original value of $123.77 million, with $92.35 million, equivalent to about N127.4 billion, outstanding as of June 30, 2026.
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