I Did Not Approach Any Financial Institution to Borrow Money — Obi

Presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, has rejected claims that he borrowed money or issued bonds on behalf of Anambra State during his eight years as governor.

Obi made the statement during an interview on Arise TV's Prime Time on Thursday, September 24, amid an ongoing dispute with the Anambra State Government over external loans and other financial obligations associated with his administration.

Obi said he left office in March 2014 without outstanding salaries, gratuities or pensions that were due for payment by the state government. He also maintained that the state was not indebted to contractors or suppliers whose work had been completed, certified and verified.

“I, Mr Peter Obi, did not approach any financial institution to borrow money or issue bonds on behalf of Anambra State in the eight years that I was in government,” he said.

The former governor was responding to claims by the Anambra State Government that his administration left external loans and other liabilities that successive administrations have continued to service.

Obi argued that some of the facilities being attributed to his administration were concessionary development programmes negotiated by the Federal Government, rather than commercial loans obtained directly by the Anambra State Government from banks.

He cited programmes involving the World Bank and the International Fund for Agricultural Development (IFAD), saying the Federal Government obtained the facilities and made them available to participating states through subsidiary arrangements.

According to Obi, Anambra was among states selected for concessionary support because of its performance in areas including education.

He also argued that the amount approved under a facility should not automatically be treated as a debt actually incurred if the entire amount was not drawn down.

Using an example, he said that if a government obtained approval for a ₦10 billion facility but drew only ₦500 million, it would be incorrect to describe the entire ₦10 billion as money borrowed and spent by the government.

Obi said the records of the relevant programmes would show the actual drawdowns and urged interested institutions to examine the documentation.

He further cited former Debt Management Office (DMO) Director-General Abraham Nwankwo, saying Nwankwo had publicly stated at his retirement event that Obi was the only governor who had not visited his office to seek approval to borrow money during his tenure.

The Anambra State Government, however, maintains a different position.

The state has said that eight external facilities associated with projects undertaken during Obi's administration had a combined contracted value of $123.77 million, with an outstanding balance of $92.35 million as of June 30, 2026. The state said the obligations continue to be serviced through deductions from federal allocations.

Obi disputes the characterisation of those facilities as debts he personally incurred or simply “left behind”, arguing that the accounting should distinguish between the total value of a facility, the amount actually drawn and the outstanding balance at the time he handed over power.

He also said he left Anambra with more than $150 million in funds and investments, which he argued could have covered the state's external obligations while leaving substantial resources for the state.

The Anambra Government has rejected that argument, maintaining that the existence of assets does not remove liabilities from a state's financial records. Governor Chukwuma Soludo's administration has continued to defend its account of the loans and other obligations linked to the previous administration.

The dispute also extends to allegations concerning unpaid workers' entitlements and other liabilities. Obi maintains that he left office without unpaid salaries, pensions, gratuities or verified obligations to contractors, while the Anambra Government has cited specific claims that it says contradict that account.

The competing accounts have made Obi's financial record as Anambra governor a subject of renewed public debate as the 2027 presidential election approaches.