The Anambra State government on Wednesday released revised figures on external loans allegedly contracted during former governor Peter Obi’s administration, correcting an earlier report that had placed the outstanding balance at $127.77 billion.
According to the updated data, the total external loans taken during Obi’s tenure amounted to $123.77 million, of which $92.35 million remained outstanding as of June 30, 2026. At the exchange rate applied by the state, the outstanding sum is equivalent to about ₦127.37 billion.
The government linked the borrowings to eight development projects, including the Malaria Control Booster Project, the Third National Fadama Development Project, the Health System Development Project II, the State Education Programme Investment Project, the Community and Social Development Project, the Nigeria Erosion and Watershed Management Project, and the Value Chain Development Project.
The largest outstanding balance was $37.34 million under the State Education Programme Investment Project, followed by $34.86 million for the Nigeria Erosion and Watershed Management Project and $4.48 million for the Malaria Control Booster Project.
Beyond the loans, the state maintained that Obi’s administration left unpaid pension obligations, gratuity arrears and salary backlogs for former Water Corporation staff and primary school teachers. It said it had already spent more than ₦22 billion clearing inherited gratuity arrears.
Anambra Commissioner for Finance Izuchukwu Okafor noted that the current administration has not taken any commercial bank loan since assuming office but continues to face deductions from its Federation Account allocation to service debts carried over from the tenures of Obi and his successor, Willie Obiano.
Obi has rejected the allegations, stating that his administration paid off historical gratuity and salary arrears exceeding ₦35 billion and that he left office in 2014 without unpaid salaries, pensions, gratuities or certified contractor debts.
