By Emmanuel Thomas l Friday, Sept 25, 2026
AWKA — Former Governor of Anambra State and presidential candidate, Mr. Peter Obi, has set the record straight regarding the controversy surrounding Anambra State’s debt profile, affirming that he left the state in the strongest financial position of any sub-national government in Nigeria upon completing his tenure.
Releasing verifiable financial documents and handover records, Obi revealed that he left over US$150 million as the foreign currency component of Anambra State’s investment portfolio deposited across commercial banks.
Addressing recent assertions alleging that his administration left behind a debt of US$123 million, Obi dismissed the narrative as inaccurate and flawed public accounting. He explained that even if critics insisted on referencing the $123 million figure, the financial instruments he put in place were structured to liquidate the obligation without depleting the state’s reserve capital.
According to the former governor:
Annual Income Generation: The 150 million foreign investment was projected to yield approximately **US10 million in annual returns if left untouched.
Debt Servicing Potential: Over the 13 years since he exited office, the investment alone would have generated US$130 million in yield—more than enough to settle the entire $123 million debt without tapping into state revenues or touching the principal.
Compounded Growth Valuation: Had the successor administrations retained the principal alongside compound interest and accrued yield, the fund’s total value would stand at approximately US$335 million today.
Reinvestment Capacity: Even after offsetting an estimated US$92.35 million funding obligation, the state would still retain a net balance of US$242 million, generating an estimated US$20 million annually in fresh revenue for Anambra State.
”Let me reiterate that, when I left office, I left Anambra State in a strong financial position—the strongest of any state in Nigeria—and I stand by that position,” Obi asserted.
Background to the Fiscal Controversy
The debate surrounding Peter Obi’s fiscal management has remained a central topic in Nigerian political discourse.
Obi, who served as Governor of Anambra State from 2006 to 2014, built his governance model on frugality, aggressive savings, and heavy infrastructure investment without resorting to commercial bank loans or issuing state bonds.
At his handover in March 2014, Obi documented savings in cash, domestic bank balances, and foreign currency investments amounting to tens of billions of Naira alongside the $150 million foreign growth fund.
However, political opponents and successive administrations have periodically challenged these figures, contending that long-term multilateral development facilities (such as World Bank and IFAD concessionary loans) contracted during his administration constituted liabilities that offset the recorded savings.
Obi has maintained that such multilateral facilities were concessionary federal on-lending programs drawn down over decades, dwarfed by the liquid cash assets and interest-bearing bonds left in state accounts.
Refocusing on the Presidential Campaign
Declaring his intention to rise above state-level political debates, Obi reaffirmed that his primary obligation is to address national economic hardship and offer solutions to the challenges confronting Nigerians.
”Through this clarification, I wish to state categorically that I will neither engage nor trade words with anyone regarding my tenure in Anambra State,” Obi stated. “My focus will now be on issues affecting the suffering Nigerian masses, which is the reason for my presidential ambition. A new Nigeria is POssible.”