Anambra Debt Controversy: Gov. Soludo Accuses Peter Obi of Lies and Concealing $123M World Bank Loans
The Anambra State Government, under Governor Chukwuma Soludo, has accused former Governor Peter Obi of lying about the debt profile he left behind, claiming Obi deceptively concealed over $123 million in World Bank loans and billions in unpaid worker liabilities.
According to an official press statement released by the state government on September 26, 2026, the administration countered assertions made by Obi during a recent television interview, framing his claims of a debt-free legacy as an “audacious affront” to public accountability.
The statement follows a live interview by Peter Obi on Arise TV on September 24, 2026, where the former presidential candidate challenged critics to show that he owed any contractor, salary, or structural debt during his eight-year tenure as governor.
The $123 Million World Bank Debt Dispute
The Anambra State Government stated that its records definitively show Peter Obi’s administration signed eight separate loan agreements with the International Development Association (IDA)-World Bank, totalling US$123,771,179.30.
According to the state’s release, as of June 30, 2026, the outstanding balance on those exact eight loans sits at $92.35 million (approximately N127.37 billion).
The Soludo administration claims successive governments have been quietly paying billions of Naira monthly via Federal Account Allocation Committee (FAAC) deductions to service these inherited liabilities.
The state government dismissed Obi’s televised defense—that he did not personally go to the DMO or a commercial bank to borrow the funds—explaining that signing subsidiary loan agreements legally bound the state to the debt.
Allegations of Unpaid Salaries and Judicial Settlements
The Soludo administration heavily criticized Obi’s claim that he did not leave office owing a single worker. The state government highlighted a long-standing dispute involving over 700 staff members of the Anambra State Water Corporation.
It also referenced a 2009 Arbitration Panel and a National Industrial Court judgment in 2019 legally to the effect that the state owed workers salaries, pensions, and gratuities.
To prevent state accounts from being garnished, the current administration claims it entered an out-of-court settlement on February 26, 2024, agreeing to a total package of N1,563,143,020.13.
Current Payouts
The Soludo government confirmed it has already disbursed N1,199,762,000 to the affected workers, many of whom have reportedly passed away due to financial hardships over the 13 years since Obi left office.
The statement also noted that 11 months of pension arrears for primary school teachers remain part of the inherited liabilities.
Accusations of Deceptive Financial Reporting
The state government accused Obi of practicing a “unique arithmetic of development,” where success was measured by saving money in commercial banks to earn interest rather than prioritizing the safety, infrastructure, and welfare of citizens.
The press release argued that Obi’s famed handover note was structurally flawed. “Every accounting balance sheet has sections on assets and liabilities,” the statement read. In this case, you exaggerated the asset side but concealed and lied about the liability side.”
The administration also raised questions regarding a missing N2.13 billion Ecological Fund, alleging that the money could not be located within the bank accounts Obi claimed to have left behind.
Political Friction and ‘Multiple Standards’
Addressing criticisms that the exposé is politically motivated, the Soludo administration pointed out that it has quietly serviced the debts for four and a half years without public complaint. However, officials stated they were forced to provide unassailable evidence after Obi publicly dared anyone to disprove his financial record.
The statement signed by the Anambra State Commissioner for Information Law Mefor accused Obi of leveraging a well-funded media team to consistently demarket his predecessors and successors while evading the same ethical standards expected of other public officials.
Obi has yet to officially react to the latest slew of allegations against him.
However, he has previously described the state’s claims as “very wrong public accounting.” The NDC presidential candidate has consistently maintained that he left Anambra financially secure and completely free of commercial debt.
