Anambra Releases Fresh Details of $123.77m External Loans Linked to Obi’s Tenure

...State Government Says $92.35m Remained Outstanding as of June 2026, While Obi Disputes Claims of Inherited Debt

By Aliyu Saleh

The Anambra State Government has released a detailed breakdown of external loans it says were contracted during the administration of former Governor Peter Obi, reigniting a dispute over the state’s financial position when he left office in 2014. 

According to the state government, eight external borrowings with an original value of $123.77 million were associated with Obi’s administration. It said the loans were obtained to finance projects covering healthcare, education, agriculture, erosion control, malaria intervention and community development. 

Investigation by our correspondent reveals that the government further stated that $92.35 million of the loans remained outstanding as of June 30, 2026. At the exchange rate used by the state, this was valued at approximately ₦127.37 billion. 

The loans listed by the government include financing for the Malaria Control Booster Project, Third National Fadama Development Project, Health System Development Project II, State Education Programme Investment Project, Community and Social Development Project, Nigeria Erosion and Watershed Management Project, and Value Chain Development Project. 

Among the larger facilities cited was additional financing of about $48.33 million for the Malaria Control Booster Project, while a $37.89 million facility was linked to the Nigeria Erosion and Watershed Management Project. The state said substantial balances on both facilities were still outstanding in 2026. 

The National Lens reports that the Commissioner for Information and Value Reorientation, Law Mefor, said the current administration had continued servicing the obligations inherited from previous governments.

The government also disputed claims that Obi left the state without outstanding financial obligations, saying it had records indicating inherited liabilities beyond the external loans.

However, Obi has rejected the allegations. The former governor has maintained that he left Anambra in a financially sound position and has disputed claims that his administration handed over outstanding debts and other liabilities. 

The controversy has therefore reopened debate over Anambra's finances at the point of Obi's departure in March 2014, with the state government relying on its interpretation of debt records while Obi maintains a different account of his administration's financial legacy.

Importantly, the $123.77 million figure refers to the original value of the loans identified by the state, while the $92.35 million figure represents the balance it says remained outstanding in 2026. The two figures should not be treated as the same debt amount.