A fresh round of debate has erupted over the state of Anambra’s finances at the end of Peter Obi’s governorship (2010–2014), rekindled by recent remarks from the state government and rebuttals from the former governor and 2027 presidential hopeful.
The exchange began after Anambra’s Commissioner for Finance, Izuchukwu Okafor, said the administration of Governor Charles Soludo was still repaying loans and other obligations incurred during Mr. Obi’s tenure and by subsequent administrations. Mr. Obi has repeatedly denied that he left the state in debt, insisting instead that he left over N75 billion in the state’s coffers.
In response to Mr. Obi’s denial, the Anambra State Government released loan records indicating that the Obi administration took eight external loans between 2007 and 2013 totaling $123.7 million, with an outstanding balance of $92.35 million remaining.
Former governor Willie Obiano, who succeeded Mr. Obi and served from 2014 to 2022, has long maintained a different account of the handover. In November 2015, Obiano said he inherited liabilities totalling N185 billion from Mr. Obi’s administration. Solo Chukwulobelu, then Secretary to the State Government, told Channels TV that as of March 2013 the state had only N9 billion in its bank account and that the N185 billion figure combined “current” and “contingent” liabilities — including costs for ongoing roads and other projects that could crystallise into future obligations.
Obiano later reiterated those figures on television, saying: “My predecessor left N9 billion in cash and N25.6 billion in scrip issues — these are sovereign wealth funds and shares in other banks. If you put N9 billion to that N25.6 billion, you get N35.5 billion, but he issued cheques worth over N15 billion before he left.”
Critics of Mr. Obi’s account have also spoken up. In 2017, Victor Umeh, then national chairman of APGA and now a senator, rejected the N75 billion claim, asserting that Obi did not list such an amount in his handover note. Umeh acknowledged, however, that the Obi administration placed some funds in dollar-denominated bonds with long maturities that subsequent administrations would be unable to access until maturity — some reportedly not until 2030.
The latest back-and-forth between Mr. Obi and the Soludo administration reflects a long-standing dispute over how to characterise the state’s fiscal position at successive handovers. The state government’s loan disclosure and Mr. Obi’s insistence that he left substantial savings underscore differing interpretations of cash balances, financial instruments, and contingent obligations tied to ongoing projects.
As the controversy continues, each side points to records and technical definitions — cash on hand, scrip holdings, external loans, and contingent liabilities — while political actors revisit figures from the 2013 handover. The debate adds to scrutiny over Anambra’s finances as Governor Soludo serves his second term, which runs until March 17, 2030.
