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Senator Adams Oshiomhole has challenged former Anambra State Governor Peter Obi to explain how his administration accumulated about $156 million in savings while in office, questioning how the funds were obtained when federal allocations to states were paid in naira.
Oshiomhole raised the questions during an interview with Symfoni TV published on Thursday, arguing that the former governor needed to clarify how the alleged foreign currency savings were generated.
The former Edo State governor recalled that he and Obi served together on the National Economic Council, where governors had sought to receive their federal allocations in dollars because of the difference between official and parallel market exchange rates.
According to Oshiomhole, the Federal Government rejected the proposal, insisting that allocations would continue to be paid in naira.
“So all the allocations we receive are in naira. So I asked Obi, where did you get dollars to save? Did you receive naira from Abuja and go to bid for dollars to save for Anambra State?” he asked.
Oshiomhole questioned the circumstances surrounding the reported savings, insisting that Obi should explain how the funds were accumulated.
He also cited comments by the incumbent Anambra State Governor, Chukwuma Soludo, who had previously raised questions about Obi’s financial record. Oshiomhole described Soludo, a former governor of the Central Bank of Nigeria, as knowledgeable in financial matters.
The senator further disputed Obi’s claim that he did not borrow money during his tenure, arguing that loans obtained through World Bank facilities remained debts even where repayment was deferred.
Oshiomhole said he accessed similar facilities while serving as Edo State governor, including budget-support loans, and maintained that repayment moratoriums did not change the nature of such obligations.
“They are loans. But he then went on to say that these are not loans you pay immediately. Because you are not paying it immediately, it’s not a loan?” he queried.
He argued that loans with deferred repayment schedules could leave subsequent administrations responsible for settling outstanding obligations after the borrowing governor had left office.
Oshiomhole also challenged Obi’s account of an event organised by the Director-General of the Debt Management Office to recognise the former Anambra governor over his alleged record on loan approvals, describing the claim as untrue.
Obi, who governed Anambra State from 2006 to 2014, has maintained that he did not leave the state burdened with debts. He reiterated his position during a recent interview on Arise Television amid renewed scrutiny of his administration’s financial record.
However, Anambra State Commissioner for Information and Value Reorientation, Law Mefor, had previously alleged that Obi left $123.77 million in debt at the end of his tenure.
The exchange has renewed debate over the former governor’s financial legacy, particularly the distinction between savings, foreign currency holdings and outstanding loan obligations.
The claims and counterclaims remain part of the broader political debate over public finance and the management of state resources.
