Anambra State Government says former governor Peter Obi left $123.77 million in external debt when he handed over power in March 2014.
The state Commissioner for Information and Value Reorientation, Law Mefor, disclosed this in a statement on Wednesday, September 16, 2026, amid a dispute over loans allegedly incurred by previous administrations.
TheCable reported that Mefor said eight external borrowings taken during Obi’s administration remained outstanding when he left office on March 17, 2014.
According to the commissioner, the outstanding balance of the loans stood at N127.4 billion as of June 30, 2026, based on the official exchange rate.
Mefor said the loans were obtained to finance projects covering malaria control, education, healthcare, erosion management, community development and value-chain development.
He also said Obi’s administration recorded audited expenditure of about $4.05 billion over eight years, which he said would amount to approximately N5.4 trillion at the current exchange rate.
The statement followed comments by Anambra Commissioner for Finance Izuchukwu Okafor that the state was still repaying loans obtained by previous administrations, including those of Obi and former governor Willie Obiano.
Obi had rejected the claim, saying he left office without outstanding obligations to workers, pensioners or contractors. He also said his administration left more than N2.1 billion in ecological funds for the state.
Mefor disputed the ecological fund claim, saying the state had found no records showing that it received the stated amount during Obi’s eight-year tenure.
The commissioner further alleged that Obi left the state without functioning urban and rural water schemes and criticised the condition of public schools and hospitals at the end of his administration.
Mefor said the state government did not consider borrowing inherently wrong, arguing that loans could be justified when used to finance viable projects and human capital development.
The latest exchange has brought renewed attention to Anambra’s historical debt obligations and the financial records of previous administrations.
