{"id":7373,"date":"2021-01-22T08:19:38","date_gmt":"2021-01-22T07:19:38","guid":{"rendered":"http:\/\/dubawa.org\/dir\/?p=7373"},"modified":"2021-01-22T08:19:41","modified_gmt":"2021-01-22T07:19:41","slug":"how-true-is-claim-anambra-owes-over-%e2%82%a6200bn-debt","status":"publish","type":"post","link":"https:\/\/dubawa.org\/dir\/how-true-is-claim-anambra-owes-over-%e2%82%a6200bn-debt\/","title":{"rendered":"How True is Claim Anambra Owes over \u20a6200bn Debt?"},"content":{"rendered":"\n

Claim:<\/strong> A Twitter user, Nnamdi Chife (@NnamdiChife), claimed in a tweet that Anambra state is owing \u201ca combined debt of over N200 Billion\u201d.<\/em><\/strong><\/p>\n\n\n\n

Chife also alleged that Peter Obi (former Anambra governor) handed over N72 billion in cash and $150 million in Anambra Generational Fund to his successor, Willie Obiano, adding that all have been \u201cfrittered away\u201d.<\/strong><\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

The claim that the Anambra state government is owing over \u20a6200 billion is false. The combined worth of the state\u2019s debt according to the Debt Management Office (DMO)<\/a> is \u20a6100.7 billion.<\/strong><\/p>\n\n\n\n

Also, the claim that Peter Obi left \u20a672 billion in cash and $150 million in Anambra Generational Fund, with all \u201cfrittered away\u201d, is mostly false.<\/strong><\/p>\n\n\n\n

The former governor in a 2018 interview<\/a> said he left about \u20a630 billion and $156 million in cash (not \u20a672 billion). Even the former governor\u2019s claim has been questioned by the Obiano government.<\/p>\n\n\n\n

Full Text<\/strong><\/h2>\n\n\n\n

On Sunday, January 10, a Twitter user named Nnamdi Chife (@NnamdiChife), claimed in a tweet that has since gone viral that the Anambra state government is owing a combined debt of over \u20a6200 billion.<\/p>\n\n\n\n

Chief further alleged that former governor of Anambra state, Peter Obi, left \u20a672 billion in cash and $150 million in Anambra Generational Fund for Willie Obiano, the current governor.<\/p>\n\n\n\n

He also implied that all what the former governor left had been squandered.<\/p>\n\n\n\n

The tweet reads:<\/p>\n\n\n\n

\u201cI am incredibly heartbroken. <\/em><\/p>\n\n\n\n

\u201cAnambra State is owing a combined debt of over N200Billion !!!<\/em><\/p>\n\n\n\n

\u201cPeter Obi handed over this state to Obiano with N72Billlion in cash and $150M in Anambra Generational Fund. <\/em><\/p>\n\n\n\n

\u201cAll frittered away, broken infrastructure, debt, and profligacy.\u201d<\/em><\/em><\/p>\n\n\n\n

As at Sunday, January 17, the tweet has been shared over 2,000 times with 168 quotes and over 3,000 likes.<\/p>\n\n\n\n

Verification<\/strong><\/h3>\n\n\n\n

Claim one:<\/strong> Anambra state government owes over \u20a6200bn debt<\/p>\n\n\n\n

To verify this claim, Legit.ng<\/strong> first reached out to Nnamdi Chife to understand the source(s) of his allegation.<\/p>\n\n\n\n

Responding, Chife cited the Debt Management Office (DMO) as the source of his information. Thus, Legit.ng<\/strong> contacted the DMO\u2019s portal for relevant information regarding Anambra state government\u2019s debt.<\/p>\n\n\n\n

According to the domestic debt data<\/a> for the 36 states of the federation and the Federal Capital Territory (FCT) published by the DMO as at September 30, 2020, Anambra State is owing \u20a659,013,845,976.50 (\u20a659.0 billion).<\/p>\n\n\n\n

\"\"<\/p>\n\n\n\n

Source: www.dmo.gov.ng<\/strong><\/p>\n\n\n\n

Regarding the external debt, the DMO\u2019s debt data<\/a> as at 30th June, 2020, indicates that Anambra is owing $115,886,392.46 ($115.886 million).<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Source: www.dmo.gov.ng<\/strong><\/p>\n\n\n\n

The Central Bank of Nigeria (CBN)\u2019s official exchange rate<\/a> of dollar to naira, as of June 30 when the document was released, was about \u20a6360. At this rate, $115.886 million equals \u20a641,718,960,000 (\u20a641.7 billion).<\/p>\n\n\n\n

The combined debt owed by the state government, that is both domestic and external, amounts to \u20a6100,732,805,976.5 (\u20a6100.7 billion).<\/p>\n\n\n\n

From the above, the total debt owed by Anambra state government is \u20a6100.7 billion.<\/p>\n\n\n\n

Where did Chife get his \u201cover 200 billion\u201d debt figure from? He told Legit.ng<\/strong>:<\/p>\n\n\n\n

\u201cThe DMO’s balance doesn’t include the ACCESS BANK N50B loan for airport project at Aguleri, Anambra State.\u201d<\/em><\/p>\n\n\n\n

Asked for evidence to back up this claim, the Twitter user said:<\/p>\n\n\n\n

\u201cThe Access Bank facility is an insider information. The loan is collateralized (viz) with Anambra USD Generation Fund that was set up in the then Diamond Bank.\u201d<\/em><\/p>\n\n\n\n

To verify this allegation, Legit.ng<\/strong> checked the Anambra state government\u2019s website for any relevant document.<\/p>\n\n\n\n

According to a document <\/a>on the portal tagged Anambra Debt Sustainability Analysis and dated December 31, 2020, the state government indicates it is owing a total of N85.197 billion outstanding debt: N40.561bn external, N44.636bn domestic.<\/p>\n\n\n\n

Though there is no evidence to back up the alleged new Access Bank loan, if the N50 billion is added to the official debt owed by the Anambra state government, either the DMO figure (N102.9 billion) or the one on the state government\u2019s website (N85.197 billion), the total figure will still be far away from \u201cover N200 billion\u201d claim.<\/p>\n\n\n\n

Based on these findings, the claim that the Anambra state government owes over \u20a6200bn debt is false<\/strong>.<\/p>\n\n\n\n

Claim 2: <\/strong>Former Governor Peter Obi handed over \u20a672 billion in cash and $150 million to Governor Willie Obiano which have all been \u201cfrittered away\u201d<\/p>\n\n\n\n

Peter Obi handed over to his successor, Willie Obiano, in 2014. <\/p>\n\n\n\n

About a year after, 2015, the Secretary to the Anambra state government, Prof Solo Chukwulobelu, granted a press conference to address an allegation that Peter Obi left \u20a675 billion for his successor.<\/p>\n\n\n\n

Chukwulobelu described Obi\u2019s claim as a hoax, according to a Vanguard<\/em> report<\/a>.<\/p>\n\n\n\n

He said: <\/p>\n\n\n\n

\u201cThe N75 billion was not there; it was not handed over to anybody. At best it can be half truth\u201d <\/em><\/p>\n\n\n\n

Chukwulobelu said instead, the state government inherited a total contract sum of N185.1 billion as liability from the Obi administration.<\/p>\n\n\n\n

He said further: <\/p>\n\n\n\n

\u201cIn the real sense, what the Obiano administration inherited from Obi was N9billion cash and 26 Billion near cash.\u201d<\/em><\/p>\n\n\n\n

However, reacting to Chukwulobelu\u2019s claim, Obi\u2019s media aide, Valentine Obienyem, clarified <\/a>that Obi left \u201cover N75 Billion in cash and investment\u201d; not in cash alone.<\/p>\n\n\n\n

According to Obienyem, \u20a627 billion was in local currency investment; \u20a626.5 billion in foreign currency investment and \u20a628.1 billion in Certified State\/ MDS balances.<\/p>\n\n\n\n

In a 2018 interview<\/a> with The Sheet TV, Obi revisited the issue. He said he left for Obiano local and foreign cash and investments in shares and bonds worth \u20a675 billion.<\/p>\n\n\n\n

Breaking down the \u20a675 billion, Obi said he left about \u20a630 billion in the bank. In foreign currency, he said left a total of about $156 million. The former governor added that he left investments worth \u20a625 billion.<\/p>\n\n\n\n

CBN\u2019s dollar\/naira exchange rate <\/a>in March 2014 when Obi handed over was about $1\/\u20a6155. At this rate, the $156 million the former governor claimed he left was about \u20a624,180,000,000 (\u20a624.1 billion). Added to the alleged \u20a630 billion, the total amount the governor claimed to have left in cash (both Naira and Dollar) would be about \u20a654 billion.<\/p>\n\n\n\n

Beyond the claims and counter-claims (with varying figures) made by Obi and the Obiano government, Legit.ng<\/strong> cannot find any publicly available data to verify the actual amount left by the former governor for his successor.<\/p>\n\n\n\n

Nevertheless, findings above indicate that the claim that Obi left \u201cN72 Billion in cash\u201d and \u201c$150 million in Anambra Generational Fund\u201d is mostly false.<\/p>\n\n\n\n

The researcher produced this fact-check per the Dubawa 2020 Fellowship partnership with Legit.ng<\/a> to facilitate the ethos of \u201ctruth\u201d in journalism and enhance media literacy in the country.<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Claim: A Twitter user, Nnamdi Chife (@NnamdiChife), claimed in a tweet that Anambra state is owing \u201ca combined debt of over N200 Billion\u201d. Chife also alleged that Peter Obi (former Anambra governor) handed over N72 billion in cash and $150 million in Anambra Generational Fund to his successor, Willie Obiano, adding that all have been \u201cfrittered away\u201d. The claim that the Anambra state government is owing over \u20a6200 billion is false. The combined worth of the state\u2019s debt according to the Debt Management Office (DMO) is \u20a6100.7 billion. Also, the claim that Peter Obi left \u20a672 billion in cash and $150 million in Anambra Generational Fund, with all \u201cfrittered away\u201d, is mostly false. The former governor in a 2018 interview said he left about \u20a630 billion and $156 million in cash (not \u20a672 billion). Even the former governor\u2019s claim has been questioned by the Obiano government. Full Text On Sunday, January 10, a Twitter user named Nnamdi Chife (@NnamdiChife), claimed in a tweet that has since gone viral that the Anambra state government is owing a combined debt of over \u20a6200 billion. Chief further alleged that former governor of Anambra state, Peter Obi, left \u20a672 billion in cash and $150 million in Anambra Generational Fund for Willie Obiano, the current governor. He also implied that all what the former governor left had been squandered. The tweet reads: \u201cI am incredibly heartbroken.  \u201cAnambra State is owing a combined debt of over N200Billion !!! \u201cPeter Obi handed over this state to Obiano with N72Billlion in cash and $150M in Anambra Generational Fund.  \u201cAll frittered away, broken infrastructure, debt, and profligacy.\u201d As at Sunday, January 17, the tweet has been shared over 2,000 times with 168 quotes and over 3,000 likes. Verification Claim one: Anambra state government owes over \u20a6200bn debt To verify this claim, Legit.ng first reached out to Nnamdi Chife to understand the source(s) of his allegation. Responding, Chife cited the Debt Management Office (DMO) as the source of his information. Thus, Legit.ng contacted the DMO\u2019s portal for relevant information regarding Anambra state government\u2019s debt. According to the domestic debt data for the 36 states of the federation and the Federal Capital Territory (FCT) published by the DMO as at September 30, 2020, Anambra State is owing \u20a659,013,845,976.50 (\u20a659.0 billion). Source: www.dmo.gov.ng Regarding the external debt, the DMO\u2019s debt data as at 30th June, 2020, indicates that Anambra is owing $115,886,392.46 ($115.886 million). Source: www.dmo.gov.ng The Central Bank of Nigeria (CBN)\u2019s official exchange rate of dollar to naira, as of June 30 when the document was released, was about \u20a6360. At this rate, $115.886 million equals \u20a641,718,960,000 (\u20a641.7 billion). The combined debt owed by the state government, that is both domestic and external, amounts to \u20a6100,732,805,976.5 (\u20a6100.7 billion). From the above, the total debt owed by Anambra state government is \u20a6100.7 billion. Where did Chife get his \u201cover 200 billion\u201d debt figure from? He told Legit.ng: \u201cThe DMO’s balance doesn’t include the ACCESS BANK N50B loan for airport project at Aguleri, Anambra State.\u201d Asked for evidence to back up this claim, the Twitter user said: \u201cThe Access Bank facility is an insider information. The loan is collateralized (viz) with Anambra USD Generation Fund that was set up in the then Diamond Bank.\u201d To verify this allegation, Legit.ng checked the Anambra state government\u2019s website for any relevant document. According to a document on the portal tagged Anambra Debt Sustainability Analysis and dated December 31, 2020, the state government indicates it is owing a total of N85.197 billion outstanding debt: N40.561bn external, N44.636bn domestic. Though there is no evidence to back up the alleged new Access Bank loan, if the N50 billion is added to the official debt owed by the Anambra state government, either the DMO figure (N102.9 billion) or the one on the state government\u2019s website (N85.197 billion), the total figure will still be far away from \u201cover N200 billion\u201d claim. Based on these findings, the claim that the Anambra state government owes over \u20a6200bn debt is false. Claim 2: Former Governor Peter Obi handed over \u20a672 billion in cash and $150 million to Governor Willie Obiano which have all been \u201cfrittered away\u201d Peter Obi handed over to his successor, Willie Obiano, in 2014.  About a year after, 2015, the Secretary to the Anambra state government, Prof Solo Chukwulobelu, granted a press conference to address an allegation that Peter Obi left \u20a675 billion for his successor. Chukwulobelu described Obi\u2019s claim as a hoax, according to a Vanguard report. He said:  \u201cThe N75 billion was not there; it was not handed over to anybody. At best it can be half truth\u201d  Chukwulobelu said instead, the state government inherited a total contract sum of N185.1 billion as liability from the Obi administration. He said further:  \u201cIn the real sense, what the Obiano administration inherited from Obi was N9billion cash and 26 Billion near cash.\u201d However, reacting to Chukwulobelu\u2019s claim, Obi\u2019s media aide, Valentine Obienyem, clarified that Obi left \u201cover N75 Billion in cash and investment\u201d; not in cash alone. According to Obienyem, \u20a627 billion was in local currency investment; \u20a626.5 billion in foreign currency investment and \u20a628.1 billion in Certified State\/ MDS balances. In a 2018 interview with The Sheet TV, Obi revisited the issue. He said he left for Obiano local and foreign cash and investments in shares and bonds worth \u20a675 billion. Breaking down the \u20a675 billion, Obi said he left about \u20a630 billion in the bank. In foreign currency, he said left a total of about $156 million. The former governor added that he left investments worth \u20a625 billion. CBN\u2019s dollar\/naira exchange rate in March 2014 when Obi handed over was about $1\/\u20a6155. At this rate, the $156 million the former governor claimed he left was about \u20a624,180,000,000 (\u20a624.1 billion). Added to the alleged \u20a630 billion, the total amount the governor claimed to have left in cash (both Naira and Dollar) would be about \u20a654 billion. Beyond the claims and counter-claims (with varying figures) made by Obi and the<\/p>\n","protected":false},"author":1,"featured_media":7375,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"hannibal_claim_source":"","hannibal_source_label":"","hannibal_card_color":"blue","_jetpack_memberships_contains_paid_content":false,"footnotes":"","_wpscppro_dont_share_socialmedia":false,"_wpscppro_custom_social_share_image":0,"_facebook_share_type":"","_twitter_share_type":"","_linkedin_share_type":"","_pinterest_share_type":"","_linkedin_share_type_page":"","_instagram_share_type":"","_medium_share_type":"","_threads_share_type":"","_google_business_share_type":"","_bluesky_share_type":"","_mastodon_share_type":"","_selected_social_profile":[],"_wpsp_enable_custom_social_template":false,"_wpsp_social_scheduling":{"enabled":false,"datetime":null,"platforms":[],"status":"template_only","dateOption":"today","timeOption":"now","customDays":"","customHours":"","customDate":"","customTime":"","schedulingType":"absolute"},"_wpsp_active_default_template":true},"categories":[120,1571,4,16],"tags":[1370,1487,347,285,1369],"verdict":[],"ppma_author":[1191],"class_list":["post-7373","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-fact-check","category-featured","category-politics","tag-anambra-state","tag-debt","tag-featured","tag-peter-obi","tag-willie-obiano"],"jetpack_shortlink":"https:\/\/wp.me\/p8R6dE-1UV","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"authors":[{"term_id":1191,"user_id":0,"is_guest":1,"slug":"nurudeen-lawal","display_name":"Nurudeen Lawal","avatar_url":"https:\/\/secure.gravatar.com\/avatar\/fe9d8255c29267c0b5fd9b1c07dc5ca3bcb33feac769e1d1e2af515ff3ddadc8?s=96&r=g","author_category":"","user_url":"","last_name":"Lawal","first_name":"Nurudeen","job_title":"","description":""}],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/dubawa.org\/dir\/wp-content\/uploads\/2021\/01\/obiano-peter-obi.jpg?fit=1080%2C720&ssl=1","_links":{"self":[{"href":"https:\/\/dubawa.org\/dir\/wp-json\/wp\/v2\/posts\/7373","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dubawa.org\/dir\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dubawa.org\/dir\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dubawa.org\/dir\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dubawa.org\/dir\/wp-json\/wp\/v2\/comments?post=7373"}],"version-history":[{"count":0,"href":"https:\/\/dubawa.org\/dir\/wp-json\/wp\/v2\/posts\/7373\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dubawa.org\/dir\/wp-json\/wp\/v2\/media\/7375"}],"wp:attachment":[{"href":"https:\/\/dubawa.org\/dir\/wp-json\/wp\/v2\/media?parent=7373"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dubawa.org\/dir\/wp-json\/wp\/v2\/categories?post=7373"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dubawa.org\/dir\/wp-json\/wp\/v2\/tags?post=7373"},{"taxonomy":"verdict","embeddable":true,"href":"https:\/\/dubawa.org\/dir\/wp-json\/wp\/v2\/verdict?post=7373"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/dubawa.org\/dir\/wp-json\/wp\/v2\/ppma_author?post=7373"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}