Peter Obi: I Left Anambra Financially Strong, Debt Claims Are Wrong Public Accounting

Former Anambra State governor and presidential candidate of the Nigerian Democratic Congress, Peter Obi, has mounted his strongest defence yet of his financial record, insisting that he did not leave the state with the massive debt alleged by the administration of Governor Chukwuma Soludo. Instead, Obi said he handed over a government with more than $150 million in cash reserves and a substantial investment portfolio.

In an exclusive interview with ARISE News aired on Thursday, Obi described the debt narrative as a misunderstanding of public finance, arguing that the Soludo administration had relied on improper public sector accounting to portray his government as financially indebted.

According to Obi, the claim that he left Anambra owing about $123 million is false. However, he went further, using a hypothetical scenario to challenge the government’s argument.

“It’s false. I did not leave any $123 million in debt,” Obi said. “But assuming that is the case, that there was $112 million owed as at the time I left, I left over $150 million that was earning about $10 million annually.”

Obi argued that if his successor had preserved the funds he left in office and used only the annual investment income to service the alleged debt, the loan would have been completely repaid by now while the original $150 million capital remained intact.

The former governor said the state inherited not only cash, but also income generating investments that were producing roughly $10 million annually. He maintained that prudent financial management would have allowed Anambra to eliminate any outstanding foreign liabilities without touching the principal.

He further stated that his successor chose to spend the reserves rather than preserve them as long term investments.

Using figures he attributed to the state government, Obi said that by June 2026, when Anambra allegedly had an outstanding foreign debt of $92.3 million, the investment fund he left behind would have grown substantially through compound returns.

“If the money I left was left, not adding more, not removing any, the capital plus the accrued interest would have been about $335 million. If they decided to clear the debt, they would subtract $92 million and still have over $242 million left.”

Obi argued that the figure would translate to roughly ₦350 billion to ₦400 billion at current exchange rates, underscoring what he described as a missed opportunity to strengthen the state’s finances.

The former governor was emphatic that his administration left Anambra in a stronger financial position than any other state government in Nigeria.

“The day I left Anambra State as governor, I left it in a strong financial standing that no other state in Nigeria, and I repeat, can say so,” Obi declared.

He challenged critics to identify another governor since Nigeria became a country who handed over more than $150 million in reserves, insisting that his administration’s fiscal discipline remains unmatched.

Obi’s comments directly respond to a long running disagreement over the financial legacy of his administration. Since taking office, the Soludo administration has argued that the liabilities it inherited presented a less favourable picture than Obi has consistently portrayed. Obi, however, maintains that the disagreement stems from accounting methodology rather than the actual financial health of the state.

A central part of Obi’s defence focused on the distinction between approved loans and actual liabilities under public sector accounting standards.

He argued that governments should only record money that has actually been drawn down and spent as debt, rather than the total value of approved borrowing facilities.

“Even if I had gone to the bank and borrowed money, but I didn’t spend the money, you cannot call it debt that I left,” he said.

Illustrating his point, Obi explained that if a government secured a ₦10 billion loan but utilised only ₦500 million, it would be misleading to claim that the state owed the entire ₦10 billion.

“That’s why I said it’s not proper public sector accounting,” he added.

The interview comes as debates over public debt and fiscal sustainability continue to dominate Nigeria’s economic conversation. Obi has consistently criticised excessive government borrowing, arguing that development should be driven by productive investment, savings and transparent financial management rather than rising debt obligations.

While the competing narratives between Obi and the Soludo administration remain politically contested, the broader issue extends beyond Anambra. At its core is a national debate about how governments classify debt, report public finances and communicate their true fiscal position to citizens.

As scrutiny of state finances intensifies, the controversy highlights the importance of transparent and internationally accepted public accounting standards in strengthening accountability and public trust.