Onitsha, Eastern Nigeria: Sept 22, 2026:
The advocacy attention of International Society for Civil Liberties & Rule of Law (InterSociety) has been drawn over controversies surrounding Anambra’s public debts overhang under Peter Gregory Onwubuashi Obi (March 17, 2006-March 17, 2014), William Mmaduabuchukwu Obiano (March 17, 2014-March 17, 2022) and Professor Charles Chukwuma Soludo (March 17, 2022 till Date). Beyond the murky waters of politics, we at InterSociety wish to plainly and truthfully to state as follows:
Under Obi:
· That Obi inherited N13.8billion cash abruptly left behind in the State coffers by Chris Nwabueze Ngige (ousted by the Enugu Division of the Court of Appeal as Meddlesome Interloper Governor on March 15, 2006).
· That Obi publicly challenged the existence of the amount as announced; by setting up Justice Ononiba Panel, which confirmed the figure but clearly noted that despite the cash, there were un-cleared contractual obligations and serving and retired public workforce remunerations worth tens of billions of naira; excluding statutory local and foreign debts.
· That Obi factually inherited huge public debts overhang and un-cleared contractual obligations as well as the serving and retired workforce remunerations worth hundreds of billions of naira majorly incurred under Mbadinuju Administration and remainder under Ngige. The incurred public borrowed debts included monies borrowed externally and internally such as those under IPSO or irrevocable standing order arrangements under Mbadinuju.
· That the Obi Administration consistently maintained zero borrowing policy and refused to borrow a dime locally or internationally.
· That the Obi Administration drew its major financial strengths from counter-part funding partnerships, international grants and credit facilities from international development partners and institutions and also effectively participated in numerous counter-part funding projects of Federal Government, likewise direct and indirect foreign investments and Public-Private-Partnership Initiatives.
· That while Obi’s IGR records were very unimpressive, his Government effectively utilized Local Government allocations to cite strategic infrastructures including roads, hospitals and schools in the affected Local Government Areas. Obi also cleared most of the road network and social service (schools and hospitals) infrastructural obligations through policy of “complete, get paid and continue next phase formula”.
· That in the end, the Obi Administration was able to liquidate most of the previously incurred public debts (local and foreign), contractual obligations and serving and retired public workforce remunerations including over N25billion un-cleared pensions and gratuities majorly inherited from the time of Mbadinuju. The Obi Administration also introduced motorization scheme at the top echelon of the State serving workforce.
· That as the time Obi left office on March 17, 2014, official statistics from our monitored Nigeria’s Debt Management Office (DMO) showed that Anambra had public debts overhang of Madinuju and Ngige eras totaling about N12.07billion; comprising foreign debts of $45.15m (at then exchange rate of $ per N200.00 or about N9.4b) and local debts of N2.87b –totaling N12.07billion. Theses were according to DMO reports of Dec 31, 2014 (foreign debts) and June 30, 2015 (local debts).
· That owing to steady fall of naira against US dollar since then, the today’s exchange rate value of the $45.15m is around N70billion, if the loans have remained un-serviced or unpaid; and will approximately be N75billion, if added to the unpaid local debts of N2.87billion-totaling about N76billion as of today, being Tuesday, Sept 22, 2026.
· That further statistics at DMO indicated that as at March 2014 under Obi, the State’s foreign debts stood at $30.32m while the local debts stood at N3.03billion-totaling about N7.9billion.
· That while the foreign loans further increased to $45.15m in Dec 2014, the local debts decreased from N3.02billion to N2.87billion in Dec 2015.
· That from Dec 31, 2012 to end of March 2014, Anambra’s local debts decreased from N14.2billion to N3.02billion and the foreign debts increased from $26.7m to $45.15m; or decreased from naira converted sum of N18.4billion as at Dec 2012 to N7.9billion as at March 2014 and recorded further increase to N12,07billion as at Dec 2014, nine months after Peter Obi left office.
· N95billion Surpluses Versus N12.07billions Unpaid Statutory Debts:
Sum-total of the above clearly showed that though Obi left the State in soundest financial regime including cash and investments of between N85billion and N95billion-including total cash value of local investments of N27.2Billion as at March 17, 2014, total cash value of Foreign Currency (dollar) Bond Investments of $155.48Million or N26.5Billion and total cash of N41.48Billion left in the MDAs accounts and so on, but the State under him did not liquidate all outstanding local and foreign debts as at March 17, 2014 when he left office.
Under Obiano:
· That Obiano Government incurred and left heavy debt profile including local and foreign debts, contractors’ contractual obligations and un-cleared serving and retired workforce remunerations in hundreds of billions of naira. Chunk of Obiano’s un-cleared contractual debts came from 2017 staggered election season widespread award of white elephant road contracts-during which mobilization fees were paid and contractors ordered to sites.
· That not only that most of the road contracts were left undone after securement of his second term, but also monies spent on earth works-in tens of billions of naira remained unpaid and pushed into the present Prof Soludo Government of Anambra State, in addition to tens of billions of naira worth of local and foreign debts undertaken under Obiano, presently hidden and covered by Governor Soludo and apportioned to the Obi Admonition that left office more than twelve years ago.
· That the maddening loan profile under Obiano started with N10Billion reportedly secured in Nov 2015 and dubbed: “CBN Infrastructure Development Facility (loan) of N10Billion for Anambra November 2015”. The loan facility was reported to be repaid by installments and paid fully in 20 years through Irrevocable Payment Standing Order including deductions at source from the Federation Account and at interest of 9% or N11,909,295.002 (Eleven Billion, Nine Hundred & Nine Million, Two Hundred & Ninety-Five Thousand, Two Naira). That is to say that with N10Billion having been borrowed, a staggering sum of N21.9Billion would be repaid including the principal of N10Billion and interests of 11.9Billion. Under Obiano’s early governance stage, it was also reported that machinery was put in motion to raise bond (loan) of N50Billion from local sources.
Under Soludo:
· That one of the few areas of Prof Charles Soludo’s impressive governance styles is his Government’s publicly announced decision not to drag the State into serial public borrowings and their endless financial crisis and far-reaching governance consequences.
However, Prof Charles Soludo’s Administration is still found to have lacked fiscal discipline, probity and accountability.
· That his Government is found to have not been able to render public accounts of its fiscal years since inception on March 17, 2022.
· That fiscal discipline and accountability found lacking in Soludo’s Government included lack of public presentation of the “State’s Annual Statements of Account”-detailing how much the State generated internally on annual basis, how much was received from the Federation Account, amounts cleared or un-cleared as contractual obligations, cleared or un-cleared serving and retired workforce remunerations, how much received as ‘Capital Receipts’ including loans and credit facilities and other budgetary balances, surpluses and deficits, among others.
· That fiscal discipline, probity and accountability rooted in international best practices, go far beyond presentation of annual budget estimates; and must include ‘surplus or deficit-based “Supplementary Budgets”, usually presented in the third quarter of every fiscal year, detailing surpluses generated with increased infrastructural funding provisions or deficits incurred with cut down expenditures including cuts in overheads like “monthly Security Votes”.
· That we at InterSociety are deeply worried over non-legislative action on the N100billion loan sought by Governor Soludo since 2022, which was approved by the State House of Assembly. Though Governor Charles Soludo was said to have later backed out from securing the loan after legislative approval, the State House of Assembly ought to have legislatively canceled the loan and have it deleted from official records to avoid its possibly backyard securement outside the awareness of the public and the CSOs.
· That it was totally wrong and a clear case of ill-conceived and political motivation layered in murky waters of Nigerian politics for Governor Charles Soludo of Anambra State to have resurrected and attempted tainting one of the country’s best democratic and accountable governances as witnessed in the State more than twelve years ago under Peter Obi as Governor. This is more so when more there was a poorly performed Administration in between.
· That the camp of former Governor Peter Obi wobbled and fumbled going by its poor handling style and responses over the issue. For instance, the camp of Peter Obi or Peter Obi himself, should not have made a generalized statement or response or self-indicting statements on the issue by way of “my Government did not leave dime as a debt and I will relinquish my presidential contest if my Government (past) is found owing anybody”. Specific response would have suffix-such as “my Government did not borrow a dime as loan and we liquidated most of locally and internationally borrowed debts and most of contractual obligations and serving and retired workforce un-cleared remunerations inherited from the past administrations”.
· That it must be noted that one of the leftover un-cleared workforce obligations, if not the only leftover un-cleared public service obligation under Obi, was disputed arrears owed the Anambra State Water Corporation. The arrears, also inherited by Obi, were found to have been un-cleared following protracted dispute between the Obi Government and serving and retired workers of the State Water Corporation; forcing it to be taken to Industrial Court where judgment was later delivered in favor of the workers at the twilight of the Obi Administration. A Garnishee Order was later secured from a Federal High Court immediately after the exit of the Obi Administration in 2014-leading to seizure and transfer of about N1.8billion belonging to the State and kept in one of the Government accounts in First Bank into the official bank account of the affected workers of the State Water Corporation.
For: International Society for Civil Liberties and Rule of Law (InterSociety)
Emeka Umeagbalasi, Criminologist and Graduate of Security Studies
Lead-Director
Chinwe Umeche, Barrister-at-Law
Head, Department of Democracy & Good Governance
Chidinma Evangeline Udegbunam, Barrister-at-Law
Head, Department of Campaign and Publicity
Obianuju Joy Igboeli, Barrister-at-Law
Head, Department of Civil Liberties and Rule of Law
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