Anambra State Governor Charles Soludo and his administration have come under criticism after the state government claimed that former governor Peter Obi borrowed $123.77 billion in external loans during his tenure.

The claim was contained in a September 16, 2026 statement issued by the Anambra State Government while responding to Obi’s recent comments on the debt inherited by successive administrations in the state.

Under “Fact No. 1,” the statement claimed that Obi “contracted US$123.77 billion in external debt” during his time as governor.

The figure, however, has raised questions about the accuracy of the government’s claim, particularly because the same document provides a detailed breakdown of the loans and puts their combined value at approximately $123.77 million.

The government’s table lists eight external loans signed during Obi’s administration, with an outstanding balance of about $92.35 million as of June 30, 2026.

The loans were obtained for projects covering malaria control, education, health system development, community and social development, erosion and watershed management, Fadama development and agricultural value-chain development.

The $123.77 billion figure has drawn attention because it would represent an extraordinary level of borrowing by a state government and would exceed Nigeria’s entire public debt around the period by a substantial margin.

However, Nigeria’s total public debt in recent figures has been reported at roughly $111 billion to $115 billion, depending on the reporting date and exchange-rate basis.

The figures contained in the Anambra government’s own loan table therefore put the amount attributed to Obi at millions of dollars rather than billions.

The development has triggered fresh scrutiny of the debt claims being made by the Soludo administration against Obi, who governed Anambra from 2006 to 2013.

Obi has consistently rejected claims that he left Anambra heavily indebted, maintaining that his administration cleared salaries, pensions, gratuities and other obligations before leaving office.

He has also challenged the state government to provide evidence supporting its claims about his administration’s financial record.