Senator Adams Oshiomhole has challenged former Anambra State governor Peter Obi to explain how he reportedly saved $150 million while in office, questioning how the funds were accumulated when state allocations from the Federal Government were paid in naira.

Oshiomhole, who represents Edo North Senatorial District, raised the issue during an interview with Symfoni TV published on Thursday. He also disputed Obi’s claim that he did not borrow money while serving as governor, arguing that some World Bank facilities could still constitute loans even when repayment was deferred.

Key Takeaways

• Adams Oshiomhole questioned the source of the reported $150 million in savings attributed to Peter Obi during his tenure as Anambra governor.
• Oshiomhole said governors had previously sought to receive their allocations in dollars because of differences between official and market exchange rates.
• He argued that World Bank facilities could qualify as loans even when repayment begins after a governor leaves office.
• The senator said he believed his interpretation reflected the point Anambra Governor Chukwuma Soludo was making about Obi’s financial record.

Oshiomhole Questions How Obi Saved $150 Million

Oshiomhole recalled serving alongside Obi on the National Economic Council, chaired by the Vice President, when governors reportedly pushed for their state allocations to be paid in dollars.

According to the senator, the proposal was driven by the difference between the official exchange rate and the market rate at the time. He said the Federal Government rejected the request, maintaining that the naira was Nigeria’s recognised currency.

Against that background, Oshiomhole questioned how Obi could have accumulated dollar savings if Anambra State received its allocations in naira.

“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 asked.

His remarks placed the currency in which the savings were reportedly held at the centre of the dispute. However, the supplied report does not include financial records or a response from Obi establishing how the reported savings were accumulated.

Why Oshiomhole Disputes Obi’s Claim About Borrowing

The senator also challenged Obi’s claim that he did not borrow money during his time as Anambra governor.

Oshiomhole argued that access to World Bank facilities could amount to borrowing even where repayment was not required immediately. He said he had also accessed such facilities while serving as Edo State governor, including instruments described as budget support.

He questioned whether the absence of immediate repayment meant a facility should not be regarded as a loan.

“If you are not paying it immediately, it’s not a loan? It’s in the books, and a future government will necessarily pay it anyway,” he said.

Oshiomhole maintained that repayment moratoriums could allow a governor to leave office before the obligation became due, leaving a successor administration responsible for meeting the payments.

His argument rests on the distinction between obtaining a facility and the point at which repayment begins. The existence of a repayment delay, by itself, does not establish the precise terms or classification of any particular facility; those details would need to be assessed from the relevant financial documents.

Oshiomhole Links His Argument to Soludo’s Comments

Oshiomhole said he believed his interpretation was consistent with the point Chukwuma Soludo, the incumbent Anambra State governor, was trying to make when discussing Obi’s financial record.

The reference connects the dispute over the reported savings with the broader debate about how Obi managed the state’s finances during his tenure.

However, the supplied report does not provide the full context of Soludo’s remarks, the underlying financial records or a direct response from Obi to Oshiomhole’s latest questions. It therefore does not independently establish whether the reported savings were accumulated as described or whether the facilities in question should be classified as loans.

What the Dispute Centres On

The disagreement raises two distinct questions: how the reported $150 million in savings was accumulated and how borrowing should be understood when repayment is deferred.

Oshiomhole has questioned Obi’s account on both points, drawing on his recollection of discussions over state allocations and his own experience accessing World Bank facilities as governor of Edo State.

The claims remain attributable to Oshiomhole based on the supplied report. Determining the details of Obi’s savings and borrowing record would require the relevant financial documentation and responses from the parties involved.