By Chike Anyaonu
The financial legacy of former Anambra State Governor Peter Obi has come under renewed scrutiny following disclosures by the state government about outstanding external loans incurred during previous administrations.
The debate centres on competing accounts of the state’s financial position at the end of Obi’s tenure in 2014, including longstanding claims that he left substantial savings while handing over a state without debt.
The Anambra State Government, through the Commissioners for Finance, Izuchukwu Okafor, and Information, Law Mefor, recently disclosed that the state had an outstanding external loan balance of $92.35 million as of June 30, 2026, equivalent to about N127.37 billion at the exchange rate cited by the government.
According to the officials, the outstanding obligations relate to eight external facilities associated with projects implemented during earlier administrations, including programmes in health, education, erosion control, agriculture and community development.
Among the facilities cited was the $48.33 million Malaria Control Booster Project, with $37.34 million reportedly outstanding, and the $37.89 million Nigeria Erosion and Watershed Management Project, with $34.86 million said to remain unpaid.
The state government said repayments on the facilities continue to be deducted from its allocations through the Federation Accounts Allocation Committee (FAAC).
The disclosure has revived questions about the relationship between the loans and claims concerning the financial position inherited by the administration that succeeded Obi in 2014.
For years, supporters of Obi have cited different figures for the savings he allegedly left in government accounts at the end of his tenure.
The amounts variously referenced in public discussions include N75 billion, N86.7 billion and $156 million.
The former governor has also maintained that his administration left substantial funds and assets for its successor.
The current dispute is partly over whether those reported savings should be considered alongside the outstanding loans in assessing the state’s overall financial position at the time of the 2014 handover.
Another issue that has emerged is the status of First Bank Account No. 2018779464 at the Nnamdi Azikiwe University (UNIZIK) branch, which has been cited by Obi’s supporters as evidence that funds were left behind.
According to the account advanced in his defence, approximately N2.13 billion was held in the account as an ecological fund.
The Anambra State Government, however, has disputed the characterization of the account, saying it was an Internally Generated Revenue (IGR)-Consolidated Revenue Account and did not carry the balance alleged by Obi’s supporters.Geographic Reference
The conflicting claims have raised questions about what was contained in the official handover documentation between the Obi administration and its successor.
Handover documents are expected to provide an account of a government’s assets, liabilities, ongoing projects and other financial commitments.
Establishing precisely what was disclosed in the 2014 handover note could therefore help clarify the dispute.
The argument has also extended to whether savings should be deducted from outstanding debt when assessing the state’s financial position.
Financial analysts and commentators have expressed differing views on the issue. Some supporters of Obi have argued that the reported savings should be considered against the outstanding liabilities in determining the net position inherited by the succeeding administration.
The counterargument is that cash balances and debt obligations are recorded separately in government accounts and that determining the state’s net financial position requires a comprehensive reconciliation of assets, liabilities, cash balances and other commitments at a specific point in time.
The present administration of Governor Chukwuma Soludo has also made its own approach to borrowing part of the debate.
Soludo, a former Central Bank of Nigeria governor and economist, has said his administration rejected a World Bank loan offer because of concerns about its terms and the potential implications for the state’s long-term debt position.
His administration has also said it has not borrowed from commercial banks since taking office, while continuing to service inherited external obligations through statutory deductions.
The state government says it has reduced the inherited debt burden by more than 83 percent.
The competing accounts have made calls for documentary verification increasingly prominent.
Among the records that could help resolve the dispute are the original loan agreements entered into on behalf of Anambra State, details of disbursements, repayment schedules, interest and other charges, utilisation records and the state’s financial statements covering the period in question.
An audit of the disputed First Bank account and a reconciliation of the 2014 handover documents with the state’s actual financial position at the time could also establish whether the reported savings existed, how they were classified and whether they were available for use by the succeeding administration.
The controversy has assumed wider significance because Obi is a prominent national political figure and his record in Anambra has long formed an important part of his public profile.
Resolving the dispute would therefore require moving beyond competing political narratives and establishing, from official financial records, the precise assets, liabilities, cash balances and contractual obligations that existed when Obi left office in 2014.
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