Throwback: Obiano Discloses What He Allegedly Found in Govt Coffers after Taking over from Peter Obi
- Governor Soludo's finance commissioner claimed Peter Obi's administration left behind loans still being repaid by the current Anambra government
- Obi denied owing any debt and said he saved over N75 billion in the state's account when he left office in 2014
- Records from both the Anambra state government and Obi's successor Willie Obiano tell a different story about what was in the treasury
PAY ATTENTION: Mark Legit.ng as a preferred source, and our content will appear higher in your Google feed!
A fresh dispute over Anambra State's finances has put Peter Obi, the 2027 presidential candidate of the Nigeria Democratic Congress (NDC), on the defensive, after the state government released loan documents challenging his long-held claim that he left office debt-free.
The row started when Anambra's Commissioner for Finance, Izuchukwu Okafor, said the Soludo administration is still repaying external loans taken by Obi and other past governors.
Source: Twitter
Obi, who governed Anambra from 2010 to 2014 under the All Progressives Grand Alliance (APGA), rejected the claim in a widely circulated video, insisting he incurred no debt and instead deposited over N75 billion into the state's coffers before handing over to Willie Obiano.
The state government responded by releasing loan records showing that Obi's administration took eight external loans between 2007 and 2013, totalling $123.7 million, with an outstanding balance of $92.35 million still on the books.
What Obiano's government said it inherited
The current dispute echoes statements made by Obiano's administration shortly after he took office. In November 2015, Obiano's then-Secretary to the State Government, Professor Solo Chukwulobelu, said the incoming government found only N9 billion in cash in the state's account, not the N75 billion Obi had claimed.
On the question of debt, Chukwulobelu said the Obiano government inherited current and contingent liabilities totalling N185 billion.
He clarified that this figure included both active debts and the projected cost of completing ongoing road projects awarded by Obi's administration.
Obiano himself confirmed the N9 billion cash figure in an appearance on Channels TV ahead of the 2017 Anambra governorship election.
He added that Obi also left N25.6 billion in script issues, including sovereign wealth funds and bank shares, bringing liquid assets to about N35.5 billion. However, he said Obi had also issued cheques worth over N15 billion before leaving office.
APGA's own verdict on the N75 billion claim
Victor Umeh, then national chairman of APGA, also disputed the savings figure in 2017, saying Obi never mentioned N75 billion in his formal handover note to Obiano. Umeh acknowledged that Obi had invested dollar funds in bonds, but noted those assets had long maturity dates, with some not maturing until 2030, making them inaccessible to Obiano's government when it most needed funds.
It is worth noting that Umeh and Obi were on opposing sides during the 2017 Anambra governorship election. Umeh backed Obiano's re-election bid, while Obi supported the PDP's candidate, Oseloka Obaze.
Obi left APGA shortly after his governorship and later joined the PDP. He resigned from the African Democratic Congress on May 2, 2026, and was ratified as the NDC presidential candidate on May 29, 2026. Soludo, who succeeded Obiano in 2022, is serving his second and final term, which runs until March 17, 2030.
Alleged Anambra debt: Presidency asks Obi to step down
Previously, Legit.ng reported that the Presidency called on former Anambra State Governor and 2027 presidential hopeful Peter Obi to make good on his word to withdraw from the presidential race if evidence emerges that his administration left the state with unpaid debts.
Bayo Onanuga, Special Adviser to President Bola Tinubu on Information and Strategy, issued the challenge on Wednesday, September 16, via his X account, after a fresh dispute broke out between Obi and the Anambra State Government over the state's financial history.
Source: Legit.ng
