Anambra Debt: Okonjo-Iweala, Otti Say Obi Ran State Prudently

By Ayodele Oni 

The presidential candidate of the Nigeria Democratic Congress (NDC), Mr. Peter Obi, has continued to receive support over his claim that he did not bequeath any debt at the end of his tenure as Anambra state governor.

Abia State Governor, Dr. Alex Otti, that was the Managing Director of Diamond Bank (now Access Bank), which was one of the banks of the Anambra State Government at that time, claimed to have helped Obi to convert about N155 million into dollars, which were then placed in Eurobonds, and was placed into tier two capital across Diamond Bank, Fidelity Bank, and Access Bank, with maturity dates extending beyond 2014.

In a post circulated on social media immediately after the Anambra State government’s claim was made public, the Abia State governor said Obi left “substantial savings and investments behind when he finished his term as Anambra governor in 2014. 

According to him, Obi initially wanted to keep the funds in cash, but the bank advised him to invest them instead.

Director General of World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala, defended Obi, over the allegations that he left huge debts and loans, including salary of workers and pensions, by the Anambra State Government when he left as governor of the state in 2014.

This is as the National Coordinator of the Obidient Movement, Obi’s support group, Dr. Tanko Yunusa, released Obi’s handover note showing that he left N86.7 billion net balance. 

The Anambra State Government had accused Obi of leaving behind an outstanding external loan of about N127.37billion as of June 30, 2026.

The state government, in a statement issued by the Commissioner for Information and Value Reformation, Law Mefor, described Obi’s claims about the state’s debt profile as “wild” and “verifiably false.

“We have no time to join issues. We will simply state the facts here for the records,” Mefor said, alleging eight external loans obtained during or inherited into Obi’s administration remained outstanding, with a combined balance of $92.35 million, equivalent to N127.37 billion, as of June 30, 2026.

The loans, according to the statement, were tied to projects including malaria control, Fadama development, healthcare, education, community development, erosion control and valuechain development.

The loans the state government listed to include a $48.33 million additional financing for the Malaria Control Booster Project, of which $37.34 million remained outstanding as of June 30, 2026; $37.89 million Nigeria Erosion and Watershed Management Project loan, with $34.86 million outstanding.

“Evidently, HE Peter Obi borrowed for malaria, erosion control, education, healthcare, etc. 

“So far, this government pays hundreds of millions of naira every month to service these debts and we are not complaining,” the state government claimed.

Okonjo Iweala, who held important positions during the time Obi was Anambra State governor, in previous positions, disputed the claim. 

Dr. Okonjo-Iweala was Minister of Finance and Coordinating Minister of Economy.

Obi’s supporters also flaunted statements from Dr. Okonjo-Iweala as Finance minister where she praised Obi for fiscal responsibility as Anambra governor, describing him as the “most fiscally responsible governor in Nigeria.”

The WTO Director General was quoted to have said: “I am proud of my brother, Gov. Peter Obi: ‘He came, he saw, he conquered’. 

“His governance of Anambra State was full of experiences worth-sharing and indeed worth capturing in a book (if not books). It is evident that he really conquered.

“It deals a lot with His Excellency’s approach to governance over the years. His ways compel us to appreciate his personal qualities, his quiet strength, his passion to make a difference, his dignified and dignifying carriage and conduct, and his never-saydie spirit. 

“I also respect him for what he achieved as a governor of one of the toughest states in the country – Anambra.”