Anambra Govt Releases N127bn Loan Details, Disputes Obi’s N2.13bn Ecological Fund Claim
The Anambra State Government has released details of external loans linked to the administration of former Governor Peter Obi, putting the outstanding balance at about N127.4 billion as of June 30, 2026. The state government also rejected Obi’s claim that he left more than N2.13 billion in an ecological fund account when he left office in 2014.
The latest development has deepened the dispute between the former governor and the state government over Anambra’s financial position at the end of Obi’s tenure. The disagreement began after state officials said successive administrations had continued to service loans and other financial obligations linked to earlier governments.
According to the Anambra Commissioner for Information, Law Mefor, eight external loans were contracted during Obi’s tenure between 2007 and 2013. The state government said the loans had a combined original value of $123.77 million, while $92.35 million remained outstanding as of June 30, 2026. Using the official exchange rate, the government put the outstanding value at N127.37 billion.
The loans listed by the government include the State Education Programme Investment Project, Nigeria Erosion and Watershed Management Project, Third National Fadama Development Project, Community and Social Development Project and Malaria Control Booster Project. Other listed facilities include the Value Chain Development Project and Health System Development Project II Additional Financing. The government said its figures were based on records from the Debt Management Office.
The government also addressed the controversy over the N2.13 billion ecological fund. Obi had said the money was released shortly before the end of his administration to address the erosion crisis in Oko and Umuchiana. He said he left the funds untouched for his successor and identified a First Bank account where he said more than N2.13 billion remained.
However, Mefor said a certified statement obtained from the bank did not support Obi’s description of the account. According to the commissioner, the account was an Internally Generated Revenue Consolidated Revenue Account and not an ecological fund account. He also said the records showed that the account had never recorded N2.13 billion as either an inflow or balance from the time it was opened in 2011.
Obi has rejected the state government’s claims that his administration left financial obligations behind. He said his government cleared more than N35 billion in historical gratuities and arrears before leaving office. He also maintained that Anambra had no unpaid salaries, pensions, gratuities or certified contractor obligations when he handed over power.
The former governor also said the N2.13 billion ecological fund was separate from the more than N75 billion in savings he said his administration left behind. He challenged anyone disputing his account to provide evidence to the contrary.
The Anambra government has now asked for clarification on the location and status of the ecological funds. It has also maintained that the loan records show that financial obligations linked to projects contracted during Obi’s tenure continued after he left office.
The dispute remains a matter of competing claims over Anambra’s financial records. The state government has cited loan and bank records to support its position, while Obi continues to dispute the allegations and stands by his account of the funds and liabilities at the time he left office.
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