Obi made the clarification during an appearance on Arise News’ Prime Time, while responding to claims by the Anambra State Government that his administration left behind outstanding external loans.
“Even if I had gone to a bank and borrowed money, but I did not spend the money, you cannot call it debt I left,” Obi said.
He illustrated his argument with a hypothetical ₦10 billion loan, saying that if a bank approved and released the facility but only ₦500 million was actually drawn, it would be inaccurate to describe the entire ₦10 billion as money owed.
“If I only drew down 500 million, you cannot now say I am owing 10 billion because you know the amount,” he explained.
The former governor was responding to the Anambra State Government’s claim that eight external facilities associated with his administration amounted to about $123.77 million, with approximately $92.35 million remaining outstanding as of June 2026.
Obi has rejected the description of the entire $123.77 million as debt he left behind, arguing that some of the facilities were concessionary development programmes secured through the Federal Government and made available to selected states.
He cited the State Education Programme Investment Project (SEPIP), saying Anambra was among states selected for multilateral development support because of its performance in education.
According to Obi, some of the relevant funds were drawn down after he had already left office in March 2014.
Obi again maintained that he did not personally approach commercial banks or the World Bank to obtain loans on behalf of Anambra State during his eight-year tenure.
He also said he did not issue bonds during his administration.
The former governor cited former Debt Management Office Director-General Abraham Nwankwo, saying Nwankwo had publicly stated at his retirement ceremony that Obi was the only state governor during his tenure who did not approach the DMO for approval to borrow money.
Obi further maintained that when he handed over power on March 17, 2014, Anambra had no unpaid salaries, pensions or gratuities due from the state government and no outstanding payments to contractors or suppliers whose work had been completed, verified and certified.
The Anambra State Government has maintained that the facilities remain liabilities of the state, regardless of the circumstances under which they were obtained.
The government said its records show that eight external borrowings linked to projects undertaken during Obi’s tenure had an outstanding balance of about $92.35 million, equivalent to roughly ₦127.37 billion as of June 30, 2026.
The state has also disputed Obi’s assertion that he left office without unpaid obligations, with Commissioner for Information Law Mefor alleging that arrears involving some workers, pensioners and other liabilities remained after Obi left office. Those claims have been rejected by Obi.
At the centre of the disagreement is the distinction between the total value of approved development facilities, actual drawdowns and outstanding debt obligations.
Obi argues that these figures should not be combined and presented as though the entire approved amount was borrowed and spent by his administration.
The Anambra Government, meanwhile, has relied on debt records showing outstanding liabilities connected to eight external facilities and maintains that successive administrations have continued servicing them.
The dispute remains unresolved, with both sides calling for official records to support their respective positions.
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