Senator Adams Oshiomhole, representing Edo North, has publicly questioned former Anambra State Governor Peter Obi over his long-standing claim of saving $150 million for the state during his tenure.
Speaking during an interview on Symfoni TV in Abuja on Friday, October 9, 2026, the lawmaker challenged Obi to clarify how he accumulated foreign currency reserves when allocations from the Federal Government were distributed strictly in naira.
Oshiomhole, who served as Governor of Edo State concurrently with Obi’s second term, recalled deliberations during meetings of the National Economic Council (NEC) chaired by the Vice President. He stated that state governors had previously urged the Federal Government to share monthly allocations in U.S. dollars due to exchange rate disparities, but the proposal was firmly rejected.
“The Federal Government rejected the proposal, insisting that the naira was Nigeria’s recognized currency,” Oshiomhole said. “So all the allocations we receive are in naira. I ask 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?”
Beyond the savings issue, the former National Chairman of the All Progressives Congress (APC) dismissed Obi’s frequent assertion that he never borrowed money or issued bonds while governing Anambra State. Oshiomhole noted that institutional support facilities from multilateral institutions like the World Bank constitute financial liabilities regardless of deferred repayment terms.
“I also accessed World Bank facilities while serving as Edo governor, including funding instruments known as budget support,” Oshiomhole stated. “Because you are not paying it immediately doesn’t mean it’s not a loan. It remains in the financial books, and a future government will necessarily have to pay it.”
To support his stance, Oshiomhole referenced comments from the current Governor of Anambra State, Chukwuma Soludo, as well as recent clarifications from state officials regarding the true financial health of the state at the end of Obi’s tenure in 2014.
The controversy over Obi’s $150 million savings claim has drawn conflicting views from official spokespersons and political allies. Law Mefor (Anambra State Commissioner for Information and Value Reorientation), previously clarified in official statements that while Obi left behind investments, he also bequeathed external debts totaling $123.77 million, challenging the narrative of a completely debt-free transition.
Alex Otti (Governor of Abia State & Former Managing Director of Diamond Bank), has repeatedly defended Obi’s record, explaining that as a top banker at the time, he advised Obi to hedge the state’s surplus funds. According to Otti, about $155 million was legally invested in Tier-2 capital instruments across three major Nigerian commercial banks to protect state assets from naira depreciation.
Spokespersons for Peter Obi & The Labour Party: Maintain that the foreign currency investments were transparently executed through licensed commercial banks to secure long-term yield for Anambra State, denying any wrongdoing or improper currency bidding.
As political discourse intensifies, Obi’s economic record as Anambra governor continues to be a central focal point of debate between supporters and critics across the political landscape.
