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The political battle over Anambra State’s finances has escalated, with the Presidency challenging former governor and 2027 presidential candidate Peter Obi to honour his pledge to stop campaigning if it is established that his administration left behind unpaid debts.

The challenge was issued on Wednesday by Bayo Onanuga, Special Adviser to President Bola Tinubu on Information and Strategy, amid a fresh exchange between Obi and the Anambra State Government over loans, financial obligations and funds allegedly left behind when he handed over power in 2014.

Onanuga said Obi had previously maintained that he left Anambra without outstanding debts and had indicated that he would abandon his presidential campaign if evidence emerged to the contrary.

“Now, the Anambra government has confronted him with facts and figures,” Onanuga said, according to reports of his statement, adding that the state government had raised claims involving obligations to workers, teachers, pensioners and contractors.

“The ball is back in his court. Will he follow through on his threat by quitting the race?” he asked.

Anambra Government Releases Debt Records

The Presidency’s intervention followed a detailed response by the Anambra State Government to Obi’s denial of claims that his administration left behind financial liabilities.

Anambra Commissioner for Information and Value Reformation, Law Mefor, said the state had released records relating to external loans and other obligations allegedly linked to previous administrations.

The state government said records showed that Anambra inherited external loans associated with Obi’s tenure, with reports putting the outstanding balance at about $123.77 million. The government also disputed Obi’s account of an alleged ₦2.13 billion ecological fund.

According to Mefor, the First Bank account identified by Obi as the repository of the ecological funds was not an ecological fund account and, based on the certified records cited by the government, did not contain the amount Obi claimed he left behind.

The Anambra government has also maintained that the state continues to service financial obligations incurred under previous administrations.

Obi Rejects Allegations

Obi has strongly rejected the allegations, describing claims that he left unpaid salaries, pensions, gratuities and contractor liabilities as false.

The former governor said his administration cleared more than ₦35 billion in historical gratuities and arrears and maintained that, at the point of handover, the state had no outstanding salaries, pensions or gratuities.

He also disputed the characterization of the ecological funds as a loan.

According to Obi, the money was released shortly before the end of his tenure for the Oko/Umuchiana erosion-control project. He said he deliberately left the funds untouched for his successor because they were tied to the project.

Obi further maintained that the funds were held in a First Bank account with a balance of more than ₦2.13 billion and were separate from the more than ₦75 billion in savings he said his administration left behind.

He challenged the Anambra Government to produce evidence contradicting his account, saying he would stop campaigning if it could establish that he left the alleged debts.

Fresh Political Flashpoint

The competing accounts have transformed what began as a dispute over Anambra’s historical finances into a political confrontation with implications for the 2027 presidential race.

The central issues remain whether financial obligations currently being serviced by Anambra can be directly attributed to Obi’s administration, the nature and status of the disputed ecological funds, and what financial position the former governor handed over to his successor in 2014.

The latest exchange has now put Obi’s own pledge at the centre of the controversy, with the Presidency arguing that the publication of the state government’s records places the burden on him.

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The presidential candidate of the Social Democratic Party (SDP), Prince Adewole Adebayo, has warned that the price of Premium Motor Spirit (PMS), commonly known as petrol, could rise to ₦5,000 per litre if President Bola Tinubu secures a second term in office.

Adebayo issued the warning in a press release signed on Wednesday by his presidential campaign’s Chief Communications Adviser, Comrade Mark Adebayo.

He attributed the projected increase to the Federal Government’s economic policies, particularly the full deregulation of the petroleum downstream sector and the floating of the naira.

According to him, the policies have placed the Nigerian economy on a hyper-inflationary path and, without a major change in direction, could result in further increases in fuel prices.

Adebayo said his projection was based largely on the relationship between the exchange rate and the cost of imported petrol.

He noted that petrol imported into Nigeria is priced in United States dollars, arguing that continued depreciation of the naira would raise the cost of fuel imports.

“If the exchange rate hits ₦3,500 to $1 in the coming years, the landing cost of fuel alone will exceed ₦4,000,” he said.

He added: “You cannot have economy illiterates running your country and expect the people not to suffer. They don’t understand how to run a developing economy in a complex modern global dynamic. The realities are faster than their capabilities can operationalise.”

On the removal of fuel subsidies, Adebayo said the policy had eliminated the government’s ability to shield consumers from fluctuations in international crude oil prices.

“The current policy completely removes the government’s ability to cushion international oil price shocks. If global crude prices spike due to geopolitical tensions, Nigerian consumers will bear 100% of the burden at the pump which automatically triggers a compounded inflation spiral,” he said.

He continued: “High fuel costs drive up transport inflation. Transport inflation drives up food inflation. This vicious cycle reduces the purchasing power of the Naira, forcing marketers to raise prices just to break even against operational costs.

“High interest rates from the Central Bank mean oil marketers are borrowing at exorbitant rates to fund imports. These financing fees, alongside decaying port and distribution infrastructure, add hundreds of Naira in hidden costs to every liter of fuel.”

Adebayo said the economic hardship being experienced by Nigerians is the predictable consequence of adopting what he described as “foreign IMF-style models” instead of policies focused on citizens.

“We cannot run an economy purely on taxes, subsidy removal, and currency devaluation without producing anything internally,” he stated.

He added: “A ₦5,000 fuel price is not a myth; it is basic mathematics based on the direction the Tinubu administration is walking. If Nigerians do not demand a change in economic philosophy, the pump price will catch up to this reality sooner than expected.”

The SDP presidential candidate also outlined some of the economic measures he said his administration would implement if elected.

“When elected into office next year, my administration will immediately revive local refining capacity through transparent public-private models, and reintroduce targeted cushions to protect regular Nigerians from economic collapse,” he said.

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The Rivers State chapter of the All Progressives Congress (APC) has rejected calls for members to distance themselves from the political alliance known as the Rainbow Coalition, reaffirming its support for the coalition associated with former Rivers State Governor and Minister of the Federal Capital Territory, Nyesom Wike.

The state chapter’s position puts it at odds with the Progressive Governors’ Forum, chaired by Imo State Governor Hope Uzodimma, which recently said APC governors would concentrate their political activities on supporting candidates running under the party’s platform ahead of the 2027 general elections.

However, the Rivers APC insisted that political strategies cannot be imposed uniformly across the country, arguing that the political realities in Rivers State are different from those in other states.

The position was contained in a statement jointly signed by the Rivers APC Chairman, Chief Tony Okocha, and the state Publicity Secretary, Hon. Chibike Ikenga.

Rivers APC Rejects Pressure From APC Governors

Reacting to the position of the Progressive Governors’ Forum, the Rivers chapter urged APC governors to focus on strengthening their structures, building political alliances and mobilising support for President Bola Ahmed Tinubu rather than attempting to dictate the political strategy to be adopted in Rivers State.

“We enjoin the Progressive Governors Forum to do more in building alliances, massive mobilizations, engagements etc with other groups to increase the voters turnout and support for the presidential in their states,” the statement said.

The party argued that the political dynamics of individual states must be taken into account when developing electoral strategies.

“All politics is local and you cannot extrapolate a particular style, system, procedure etc to parts of the country,” the statement added.

Party Defends Wike-Backed Coalition

The Rivers APC said its decision to remain part of the Rainbow Coalition was based on what it described as the political realities and interests of the state.

The coalition brings together politicians and supporters associated with different political parties and groups, including the APC, Peoples Democratic Party (PDP), Labour Party (LP) and Action Alliance (AA).

Wike has repeatedly presented the coalition as an alliance aimed primarily at mobilising support for President Tinubu’s re-election in 2027.

The FCT Minister has also argued that supporting Tinubu at the presidential level does not mean political parties must abandon their candidates in governorship and legislative elections.

“What I said and stand for is that I will mobilise support for the reelection of the President. I never promised anyone that PDP will not field candidates to contest governorship, National Assembly and States House of Assembly elections,” Wike said.

He has maintained that voters can support one candidate for president while backing different candidates in governorship and legislative contests.

That position has generated disagreements with some APC governors, who have expressed concerns about political arrangements they believe could weaken the party or affect its candidates in the 2027 elections.

‘Rivers Can Decide Its Political Alliances’

The Rivers APC maintained that political coalitions and alliances are legitimate instruments for groups seeking to advance common interests.

“Politics is about contestations between parties and groups in the protection of their interests. Consequently, coalitions, alliances, partnerships etc are undertaken to coalesce divergent interests through increases in strength, promotion of unity, peace, development, achieving common goals, reduction of conflict and provision of wider support,” the party said.

It further argued that Rivers State should be allowed to determine the political partnerships it considers beneficial to its people.

“Rivers State as a sub national unit in our Federation is at liberty to forge any alli