By Olumide Akinrinlola
In Nigerian politics, perception is the ultimate currency, and for former Anambra State Governor Peter Obi, that currency has always been backed by a single, unshakeable gold standard: “I left office without debt.”
For over a decade, this single claim served as the foundation of his political identity. It separated him from the typical Nigerian political class, framing him as a prudent manager of state resources. However, on September 16, 2026, that foundation was hit by a political earthquake.
The Anambra State Government led by Governor Charles Soludo released an explosive report breaking down the state’s debt profiles. According to the state’s Commissioner for Information, Dr Law Mefor, official records from the Debt Management Office (DMO) show that Obi’s administration actually left behind eight different external borrowings.
Fast forward to June 2026, and at current official exchange rates, the legacy balance of those loans sits at a staggering ₦127.4 billion ($92.35 million).
The state government claims it is quietly deducting hundreds of millions of naira from its federal allocations every month to service loans Obi allegedly took out for malaria control, erosion management, education, and healthcare.
Politicians trade barbs daily, but this row escalated into a crisis because Peter Obi set his own trap.
During a recent media tour, a confident Obi boldly reiterated his debt-free legacy and added a high-stakes wager: “If anybody can establish anything to the contrary, I will stop campaigning.”
The presidency was waiting. Within hours of Anambra releasing the figures, Bayo Onanuga, Special Adviser to President Bola Tinubu, publicly called Obi’s bluff. The presidency formally dared Obi to honour his word and withdraw from the 2027 presidential race immediately.
Obi is not taking the onslaught lying down. He argues that his administration cleared over ₦35 billion in historical arrears and left no outstanding obligations for verified contractors, pensions, or civil servant salaries.
He also countered that a disputed ₦2.1 billion Ecological Fund was left completely intact at First Bank for the Oko/Umuchiana erosion crisis.
However, the Anambra government quickly fired back, producing certified bank printouts to argue that the account in question was just an IGR consolidated account that never held such funds.
For everyday Nigerians, this is more than a clerical dispute over book-keeping; it is a battle for the soul of Obi’s political viability. If the “Saint Peter” image of financial perfection is successfully dismantled by his home state, his path to 2027 becomes incredibly steep.
Olumide Akinrinlola is the publisher of Starnews NG
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