Obi: I Didn’t Leave Anambra With $123.7m Debt, Charge is Wrong Public Accounting

•Backs party leadership, rejects OK Movement’s parallel campaign structure

•Says Opposition must unite to defend democracy

Sunday Aborisade in Abuja 

Presidential candidate of the Nigeria Democratic Congress (NDC), Mr Peter Obi, has rejected claims that he left Anambra State with $123.7 million in debt when he handed over power in 2014, describing the figure as “very, very wrong public accounting.”

Obi, who spoke in an interview on Arise News last night, said the loans being attributed to his administration were largely concessionary development facilities obtained by the federal government and subsequently on-lent to qualified states for specific projects.

He explained that such facilities were multi-year programmes, repayable over long periods, and that the amounts cited as Anambra’s liabilities did not necessarily represent funds drawn down or personally borrowed by his administration.

According to him, when he assumed office as governor, Anambra’s recorded foreign debt stood at about $18 million, while it was approximately $30 million when he left office in March 2014.

He said: “As of the time I assumed office in the state, our foreign debt record was about $18 million. As I left office in March 2014, our foreign debt position was about $30 million.

“In fact, in December 2014, nine months after I left office, Anambra’s total foreign debt was $45 million. So how it is now being said that as at the time I left office I left $123.7 million is wrong. It is very, very wrong public accounting.”

Obi also distinguished between approved facilities and actual drawdowns, saying the state could not properly be described as owing the full amount of a facility that had not been accessed.

He illustrated his argument with hypothetical bank facility, saying: “If I went to a bank and borrowed N10 billion, but I only drew down N500 million, you cannot say I am owing N10 billion. You know the amount that was drawn down.”

The former Anambra governor further argued that the state was left in a strong financial position, claiming that he handed over more than $150 million in investments and other funds capable of generating substantial annual income.

He said even if the higher debt figure being attributed to his administration were accepted for argument’s sake, the funds he allegedly left behind would have been sufficient to clear the obligation while retaining a substantial balance for the state.

“Even if you assume the worst-case scenario, which is false, that there was $123.7 million owed as at the time I left, I left over $150 million that was earning about $10 million,” Obi said.

He challenged the Anambra State Government to publish its records alongside his handover documents, insisting that the figures could be independently verified from banks and international development institutions.

He said, “Please publish the documents. The World Bank is in Abuja. They can give you the history of the drawdown. The banks I mentioned here are Nigerian banks. You have access to their headquarters. Ask them whether this money was there.”

Obi also said he never approached the Debt Management Office or the federal government for approval to obtain foreign loans during his tenure, stressing that state governments could not independently contract such facilities without federal approval.

On the controversy, he said he had no problem with the incumbent Anambra administration and urged Governor Chukwuma Soludo and other governors to concentrate on governance as Nigerians faced serious economic and security challenges.

On the growing disagreement between the NDC leadership and the Obi-Kwankwaso (OK) Movement over the structure of the 2027 campaign, Obi sided with the party leadership.

He described the OK Movement and other platforms supporting his candidacy as support groups rather than parallel party structures.

His position came amid a public disagreement after the OK Movement unveiled a 59-member presidential campaign council, which the NDC subsequently disowned. 

The movement has insisted that it was an independent political organisation with its own leadership and internal processes. 

Obi said, “NDC is the political party we all belong to, and I agree entirely with the position of the leader. OK Movement, Obidient Group, Kwankwaso and other supporting groups are supporting groups. 

“They must play their role as supporting groups, supporting the party. They should not play the role of the party,” he said.

When asked if the OK Movement campaign council was created with his approval, Obi responded: “Not at all. And I say it here, it is wrong,” adding that activities undertaken in the name of the joint Obi-Kwankwaso ticket should have the express approval of both candidates.

On efforts by opposition parties and leaders to forge a common platform and possibly produce a single presidential candidate against President Bola Ahmed Tinubu in 2027, Obi said he was committed to any initiative capable of strengthening Nigeria’s democracy.

He said opposition parties should first unite around issues such as free and fair elections, peaceful political competition and the protection of democratic space.

“Opposition parties should come together and fight for democratic space,” he said.

On whether he would consider stepping aside if negotiations produced another consensus candidate, Obi said he was prepared to make sacrifices if that would help Nigeria.

“I’m not desperate to be president. I’m desperate to see Nigeria work. For everything that will make Nigeria work and make it a strong country, we need to start making sacrifices for our country.”

Obi said his overriding concern was the unity, security and welfare of Nigerians.

“I’m committed to the unity. I’m committed to the security. I’m committed to the welfare of ordinary Nigerians. For too long, we’ve wasted everybody’s time. Let us put this country on the right trajectory,” he said.

 ruinous fuel subsidy regime,” Morka said.