State Commissioner Cites Loan Records and Handover Discrepancies
The Anambra State Government has formally challenged former Governor Peter Obi to issue an unreserved apology to the state’s residents, following allegations that his administration left behind substantial outstanding debts and financial liabilities.
Dr. Law Mefor, the Commissioner for Information and Value Reorientation, issued the challenge in a statement addressing the controversy surrounding the financial position inherited from Obi’s tenure. Mefor stated that records indicate eight loans were contracted from the International Development Association (IDA) of the World Bank during Obi’s eight-year administration.
According to the commissioner, these loans totaled $123,771,179.30. Mefor alleged that while some of the funds were disbursed before Obi left office, they were not reflected in the former governor’s handover notes.
The state government further cited a report from the Debt Management Office (DMO) as of June 30, 2026. The report showed an outstanding balance on the eight loans amounting to $92.35 million, which is equivalent to ₦127.37 billion.
Mefor asserted that successive administrations have continued to service these obligations through monthly deductions from allocations under the Federation Account Allocation Committee (FAAC).
Allegations of Concealed Liabilities and Unpaid Obligations
Beyond the specific loan figures, the commissioner accused Obi’s administration of using "voodoo accounting" to conceal liabilities. Mefor alleged that the former governor’s team focused on asset balances while ignoring the liability side of the financial ledger.
He asserted that a fuller assessment revealed the Obi administration left "humongous net liabilities" rather than the net assets previously claimed by the former governor and his supporters.
The state government also alleged that Obi’s administration left behind unpaid salaries and pensions, though no specific breakdown of these arrears was provided in the statement.
Dismissal of Former Governor’s Defense
The challenge comes after Obi reportedly argued that he did not personally approach the World Bank or the Debt Management Office to borrow the funds in question.
Mefor dismissed this argument, maintaining that the loans were contracted during Obi’s tenure and that the records prove the existence of these debts. The commissioner emphasized that the state had produced the necessary documentation to counter the former governor’s claims.