 |
| Peter obi |
Anambra State is still making repayments on several external loan facilities linked to development projects undertaken during the administration of former Governor Peter Obi, with deductions continuing to affect the state’s monthly Federation Account Allocation Committee (FAAC) revenue.
The issue has renewed debate over the financial obligations inherited by successive administrations since Obi left office in 2014.
Eight external loan facilities associated with Obi’s administration were reportedly obtained between 2007 and 2013 for projects covering areas such as malaria control, erosion management, healthcare, education, agriculture and community development. The facilities were valued at approximately $123.7 million when contracted.
The outstanding balance on the facilities was put at about $92.35 million, equivalent to approximately N127.4 billion, as of June 30, 2026.
Some of the facilities carried Federal Government guarantees. The guarantees provided backing for the loans but did not eliminate the repayment obligations attached to them.
As a result, repayments on the facilities continue to form part of Anambra State’s financial commitments, with deductions made from the state’s FAAC allocations.
The situation has become a major point of disagreement over the financial record inherited at the end of Obi’s tenure. Obi has maintained that he left office without outstanding obligations relating to salaries, pensions, gratuities and completed contractual work, while the current state government has maintained that loan obligations from his administration remained outstanding.
The disagreement also extends to the state's overall financial position at the time of the 2014 handover, including claims concerning savings, inherited liabilities and funds earmarked for development projects.
Records from the Debt Management Office have been cited in the discussion over the outstanding external facilities, while the 2014 handover documents have also featured in efforts to establish the financial position of the state when Obi handed over power.
The continuing repayments mean that financial commitments from projects initiated more than a decade ago remain relevant to Anambra's current budget and revenue management.
The issue has therefore brought renewed attention to the long-term effect of state borrowing, particularly where repayment schedules extend across several administrations.
The ongoing debate over Peter Obi's financial record in Anambra is expected to continue as the various loan records, repayment figures and documents from the 2014 handover are examined.