Oshiomhole To Obi: Where Did You Get Dollars To Save $156m When FG Paid Us In Naira?

Senator Adams Oshiomhole has challenged former Anambra State Governor Peter Obi to explain how he accumulated $156 million in savings during his tenure as governor, questioning how the funds were obtained when the Federal Government paid states’ allocations in naira.

Oshiomhole, who represents Edo North and is a former governor of Edo State, raised the questions during an interview with Symfoni TV published on Thursday.

The former National Chairman of the All Progressives Congress (APC) said he and Obi were members of the National Economic Council, chaired by the vice president, when governors sought to receive their federal allocations in dollars because of differences between official and market exchange rates.

According to him, the Federal Government rejected the proposal, insisting that the naira was Nigeria’s recognised currency.

“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?” Oshiomhole said.

He insisted that the claim was untrue, adding that Anambra State Governor Chukwuma Soludo had attempted to explain the financial issues surrounding Obi’s record.

Oshiomhole described Soludo as an authority on financial matters, citing his background as an economist and his tenure as Governor of the Central Bank of Nigeria.

“If you know Soludo, I think you should accept that when it comes to financial questions, Soludo is the authority,” he said.

World Bank Loans Are Loans — Oshiomhole

The senator also challenged Obi’s claim that he did not borrow money while serving as governor, arguing that facilities obtained from the World Bank could constitute loans even when repayment was deferred.

Oshiomhole said he also accessed World Bank facilities while serving as Edo governor, including funding instruments known as budget support.

“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.

“It’s in the books. And a future government will necessarily pay it anyway.”

He argued that repayment moratoriums could allow an outgoing administration to leave office before its loans became due, leaving a successor government to meet the obligations.

“Your tenure will have ended before the day you become mature for repayment,” Oshiomhole said, adding that this was what he believed Soludo had sought to explain about Obi’s financial record.

The senator also disputed Obi’s account of an event organised by the Director General of the Debt Management Office (DMO) to recognise the former governor for allegedly not applying for loan approvals, describing the claim as “another lie.”

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.

However, Anambra State Commissioner for Information and Value Reorientation, Law Mefor, had previously claimed that Obi left $123.77 million in debt at the end of his tenure.

The latest comments have renewed debate over Obi’s financial record, particularly the distinction between accumulated savings, foreign currency holdings and outstanding loan obligations.