Peter Obi And Soludo's Dud LIES

By Dr Olusola Adegbite 

The government of Anambra state, under the leadership of Prof. Charles Soludo, claims that as of when Mr. Peter Obi left office on 17th March 2014, his administration had taken a total of eight (8) different external borrowings for things such as malaria, erosion control, education, healthcare, etc.

They claimed that the loan amount in US Dollars as at the day signed was $123, 771, 179. 30 million and that according to the Debt Management Office (DMO) report of 30th June, 2026, the remaining balance of the Obi-era loans stood at $92, 353, 182 i.e., 127.4 billion naira, an amount which they now service with hundreds of millions of naira monthly.

Since the above claim was made, Tinubu supporters and sympathisers have found a new sense of joy and ecstasy, as if to say “if our principal is a drug lord, at least yours too is a debtor”.

It however turns out that authentic data from the DMO’s website tells a different story. As against the claim of the Soludo government, the DMO website reveals that as at 31st December 2013, the total external debt stock of Anambra state stood at $30, 323, 574. 40. 

Do not forget, Peter Obi left office on the 17th of March, 2014 which was approximately three (3) months after this figure was released. So it can be estimated that this amount i.e., $30, 323, 574. 40 was the state’s total external debt stock as at the time Peter Obi left office.

Yet the Soludo government claims the state’s total external debt stock as at the time of Obi’s departure from office was $123, 771, 179. 30.

Indeed the same DMO website also shows that Anambra state total external stock by the end of 2014 i.e., by 31st December 2014 had increased to $45, 154, 626. 04. The about $15 million additional loan was incurred nine (9) months after Obi had left office. Moreover, by 31st December 2015, the state external debt stock had further increased to $60, 781, 525. 58.

So, while it is clear that whereas Anambra state’s external debt profile was about $30, 323, 574. 40 as at the time Peter Obi left office, Soludo in executing the 2027 assignment given to him, or the one he took upon himself, deliberately fabricated the amount of $123, 771, 179. 30 for just one purpose, to discredit Peter Obi and make him look like every other member of the corrupt political class, in the eye of the public.

But this in itself is not the cardinal sin committed by Soludo. 

Evidence has shown that Peter Obi was actually not the borrower of these loans. He did not directly facilitate these external loans, neither did he go around taking huge domestic loans, as it was the practice of most Governors of his time.

How can a man who left over $150million in savings for his predecessor, at the same time go abroad borrowing $30 million? If the state needed money that badly, all he had to do was expend part of the $150 million in savings.

So what of loans were these? These were loans contracted by the Federal Government of Nigeria. They were majorly multilateral development loans that were given by global financial institutions such as the World Bank, which Anambra state as a federating unit in the country, participated in as a beneficiary through subsidiary agreements and for which repayments is made through FAAC deductions. 

These are loans tied to specific developmental projects such as health, environment, education, agriculture, etc. They are often not released at once, but rather in tranches, following the satisfaction of certain laid down conditions, meaning that the disbursement takes place at different times. 

With respect to the amount approved for Anambra state i.e., the $30, 323, 574. 40, most of the disbursement indeed took place after the 17th of March 2014, when Peter Obi had left office. For these loans, the repayment are stretched over a long period of time and are designed to outlived different administrations.

Interestingly, Peter Obi for a long time has remained consistent with his position. There was no time when he said that the Anambra state was debt free when he was leaving office as Governor. 

Rather, his position, which he has stated at different fora, is that at the point of handover, the state did not owe a penny in salaries, pensions, gratuities or money to any contractor for projects duly executed and certified. 

The meaning of this is that there may be projects not already executed or not yet completely executed, for which his successor in office may have to attend to and ultimately pay. But for projects fully completed, he wasn’t indebted to any contractor or supplier.

For a man who is an accomplished businessman, he clearly understands the nature and character of loans, and that must be why it has never featured in any of his commentaries. 

He has consistently spoken with regards to how he did his best to be prudent, transparent, and accountable in terms of the stewardship of public funds committed into his hands during his time as Governor of Anambra state.

So it is clear that Prof. Soludo lied against Peter Obi and that lie, garnished with other half-truths and distortions was carefully arranged to tarnish Obi’s image. For Soludo, the game is to say even if we cannot say he stole money, even if we cannot say he is corrupt, at least let’s try and say he lied about debts.

But this is the biggest point, Prof. Soludo knows the truth. He is a Professor of Economics, a former Governor of the Central Bank of Nigeria, and so he clearly understands the language of loans, both external and domestic.

Much more than that, he rode on the stellar performance of Peter Obi in office to become Governor. Much of this, he himself has acknowledged publicly and the evidences are there for all to see.

But for reasons best known to him, he has decided on this occasion to depart from the same glory that gave him the throne. 

He has chosen to step away from the path of honour and go the way of all mortal men.

It is his choice and no one can begrudge him.

He is not the first, and he wont be the last.

What else can we say, but to commend him to the fruit of his current labour.

*Olusola B. Adegbite, PhD, is a commentator on public issues