The Anambra State Government has released details of eight external loans it said were contracted during the administration of former Governor Peter Obi, disputing his claim that he left the state without outstanding debts.
Commissioner for Information and Value Reorientation, Law Mefor, disclosed this in a statement on Wednesday, saying the loans had an original value of $123.77 million, with an outstanding balance of $92.35 million, equivalent to about N127.4 billion as of 30 June 2026.
The disclosure followed a recent statement by the state Commissioner for Finance, Izuchukwu Okafor, that the government was still servicing loans inherited from previous administrations, including those of Obi and former Governor Willie Obiano.
Obi subsequently rejected the claims, insisting that he left office in March 2014 without outstanding debts, unpaid salaries, pensions or contractor obligations. He also said he left about N2.1 billion in ecological funds for the state.
However, Mefor said the records released by the state government showed that eight external borrowings remained outstanding when Obi handed over power on 17 March 2014.
According to him, the loans were obtained for projects covering malaria control, agriculture, healthcare, education, erosion management, community development and value-chain development.
Mefor said the government had converted Obi administration’s audited expenditure over its eight-year tenure to about $4.05 billion, based on the average official exchange rates during the period.
He added that the government was not opposed to borrowing but argued that loans should be tied to projects capable of delivering measurable development benefits.
The commissioner further alleged that despite the borrowing, the state was left with inadequate public infrastructure, including deficiencies in water supply, schools and healthcare facilities.
He also disputed Obi’s claim that he left more than N2.13 billion in ecological funds in a First Bank account.
Mefor said the government’s review of the certified bank records showed that the account cited was an internally generated revenue consolidated account and that there was no record of the alleged ecological fund balance.
The commissioner also said the state government had cleared about N22 billion in inherited gratuity arrears, while alleging that some legacy liabilities linked to previous administrations remained unresolved.
Obi, however, has maintained that he left Anambra without outstanding salary, pension, gratuity or contractor liabilities, setting the stage for a renewed dispute over the financial records handed over at the end of his administration.
The latest figures released by the Anambra Government put the original external loans linked to Obi’s administration at $123.77 million, rather than the $123.77 billion stated in one portion of the government’s statement.
