Presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, has rejected claims that he left Anambra State with $123 million in debt, insisting that he handed over the state in a strong financial position with more than $150 million in funds.

Obi made the clarification on Thursday, September 24, during an exclusive interview on Arise News, amid an ongoing dispute between him and the Anambra State Government over the financial position of the state when he left office in March 2014.

The former governor described the presentation of the alleged $123.7 million debt as “very wrong public accounting,” arguing that the figures did not accurately reflect the amount actually borrowed or drawn by the state.

“Assuming—let me even assume that Anambra State was right, even though it’s false, I did not leave $123 million—let me assume the worst-case scenario: that there was $123.7 million owed as of the time I left. I left over $150 million that was earning about $10 million annually,” Obi said.

He argued that even if the alleged debt figure were accepted, the funds he said he left behind would have been sufficient to offset the obligation while retaining substantial reserves.

Obi also maintained that he did not approach any financial institution to borrow money or issue bonds on behalf of Anambra State throughout his eight-year tenure as governor.

“Let me categorically state again: I, Mr. Peter Obi, did not approach any financial institution to borrow money or issue bonds on behalf of Anambra State in the eight years that I was in government,” he said.

According to him, his administration left office without owing salaries, gratuities or pensions due for payment by the state government, and without outstanding payments to contractors or suppliers whose work had been completed, certified and verified.

On the World Bank and International Fund for Agricultural Development (IFAD) facilities attributed to his administration, Obi argued that the loans were concessionary development facilities obtained by the Federal Government and subsequently made available to qualified states for specific projects.

He said Anambra’s foreign debt stood at about $18 million when he assumed office and increased to approximately $30 million by the time he left office in March 2014.

“In fact, in December 2014, nine months after I left office, the total foreign debt of Anambra State was $45 million,” he said, questioning how the state’s debt at the time of his departure could now be presented as $123.7 million.

The Anambra State Government had earlier published details of external financing facilities it said were contracted during Obi’s tenure, putting the original value of the facilities at about $123.77 million. The government said the liabilities were still being serviced by the state.

Obi, however, disputed the interpretation of the figures, stressing the distinction between approved loan facilities and actual amounts drawn.

He also cited the former Director-General of the Debt Management Office, Abraham Nwankwo, as having publicly acknowledged that he never approached the DMO for approval to borrow money while serving as governor.

According to Obi, the Federal Government selected Anambra, Ekiti and Bauchi for concessionary development support because of their performance in certain sectors, including education.

The NDC candidate further pointed to his handover documents, which he said contained details of the cash, investments and foreign currency holdings left for the incoming administration.

“This is my handover document. If you go there, you will see how much I left in Naira, in investments, in cash, and the foreign currency component backed with statements,” he said.

Obi urged the Anambra State Government, banks and relevant international institutions to make the records public so the figures could be independently verified.

“The World Bank is in Abuja; they can give you the history of the drawdowns. The banks mentioned here are Nigerian banks; you have access to their headquarters. Ask them whether this money was there,” he said.

He also dismissed suggestions that the controversy was connected to his 2027 presidential ambition, saying he had no disagreement with the current Anambra State Government.

“I don’t have any issue with the government of Anambra State,” Obi said, while urging Governor Chukwuma Soludo and other state governors to focus on governance as the country faces serious challenges.