Anambra Releases New Figures on Alleged Debt Left by Peter Obi

• Anambra State Government has released revised figures on external loans linked to former Governor Peter Obi's administration, replacing an earlier incorrect figure
• The state listed eight development projects tied to the outstanding foreign debt, with two projects accounting for over $72 million of the balance
• Obi rejected the allegations, saying he left office in 2014 without any unpaid salaries, pensions, gratuities, or contractor obligations

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Anambra State Government has put the total external loans contracted during former Governor Peter Obi's tenure at $123.77 million, with $92.35 million still outstanding as of June 30, 2026.

The revised figures correct an earlier release that placed the figure at $127.77 billion, which the state subsequently acknowledged was an error. Based on the exchange rate applied in its calculation, the state said the outstanding foreign debt was equivalent to roughly N127.37 billion.

Loans Linked to Eight Projects

The state tied the borrowings to eight development initiatives, including the Malaria Control Booster Project, the Third National Fadama Development Project, the Health System Development Project II, the State Education Programme Investment Project, the Community and Social Development Project, the Nigeria Erosion and Watershed Management Project, and the Value Chain Development Project.

The largest outstanding balance, $37.34 million, was recorded under the State Education Programme Investment Project.

The Nigeria Erosion and Watershed Management Project followed with $34.86 million still unpaid, while the Malaria Control Booster Project had $4.48 million remaining.

Beyond the loans, the state alleged that Obi's administration left behind unpaid pension obligations, gratuity arrears, and salary backlogs owed to former Water Corporation staff and primary school teachers. The government said it had already spent more than N22 billion clearing inherited gratuity arrears.

Anambra Commissioner for Finance, Izuchukwu Okafor, said the current administration has not taken any commercial bank loan since coming into office but continues to have deductions made from its Federation Account allocation to cover debts carried over from the administrations of both Obi and his successor, Willie Obiano.

Obi Pushes Back on the Claims

The former governor has rejected the allegations in full. Obi said his administration paid off historical gratuity and salary arrears totalling more than N35 billion, and that he handed over in 2014 without leaving any unpaid salaries, pensions, gratuities, or certified contractor debts.

A separate dispute has emerged over a N2.13 billion ecological fund.

Obi said the money was released close to the end of his term to address the Oko/Umuchiana erosion crisis and that he deliberately left it untouched for the incoming administration because it was tied to that specific project.

He pointed to a First Bank account at the Nnamdi Azikiwe University branch as holding more than N2.13 billion at the time he left office.

10 states with highest foreign debts

Earlier, Legit.ng reported that the National Bureau of Statistics has revealed that Nigeria's total external debt stock climbed to $51 billion (N74.43 trillion) in the fourth quarter of 2025.

According to its latest public data report, Lagos State has emerged as Nigeria’s most indebted subnational government in terms of external borrowing.

The NBS figures indicate that external debt accounted for 46.73% of Nigeria’s total public debt during the period.