The Anambra State government on Wednesday released revised figures on external loans allegedly contracted during former governor Peter Obi’s administration.
In a statement issued on September 16 responding to Obi’s comments on inherited debts, the government listed under “Fact No. 1” that Obi “contracted US$123.77 billion in external debt.”
However, the accompanying table of eight external loans signed during Obi’s administration shows a combined value of approximately $123.77 million, with an outstanding balance of about $92.35 million as of June 30, 2026.
The loans were tied to projects including malaria control, education, health system development, community and social development, erosion and watershed management, Fadama development and agricultural value-chain initiatives.
The $123.77 billion figure has drawn attention because it would far exceed Nigeria’s total public debt, which recent reports place in the range of roughly $111 billion to $115 billion.
The largest alleged 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 Soludo-led administration 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, who governed Anambra from 2006 to 2013, has consistently rejected claims that he left the state heavily indebted. He has maintained that his administration cleared salaries, pensions, gratuities and other obligations before leaving office and has challenged the state government to provide supporting evidence.
