How Obi left legacy of zero debt, N86.7bn net balance in Anambra

The presidential candidate of the Labour Party (LP), Peter Obi, displayed a credential of prudent management of public funds in his handover report to his successor, Willie Obiano, in 2014. The handover report showed that Obi governed Anambra State for eight years without loans or any legacy of debt for the state, but with a net balance or reserve for the state accounts of N86.7 billion. The gross balance was  N91.7 billion, and deducting salaries, pension, and project payments in the sum of N5 billion, the net balance came to N86.7 billion.  

Details of the handover report addressed to his successor, Chief Willie Obiano, Governor of Anambra State, dated, March 17, 2014, subject, 2014, titled: – Anambra State Handover Report – reads:

“I have the honour to forward herewith, the Handover Report of my Administration. I trust that you will find this report useful, as a tool for consolidation and moving forward the administrative and governance structures in Anambra State.

“As Friday, 14 March, 2014, was the final working day of my Administration, I also forward herewith, the summary of the full financial statement of Anambra State (copies of which are  herein attached) as at close of business on that day. The summary of the accounts are as follows:

“Local Investments as at March 14, 2014  –           27,000,000,000.00

Foreign Currency Investment (US$156m) –         26,500,000,000.00

Certified State/MDAs Balances  –                            28,165,985,574.06

FGN Approved Refund   –                                          10,000,000,000.00

Gross balance                                                         91,665,985,574.06

Estimated  liability, including March salaries, pension, and gratuity, as well as approved certificates of already executed projects                                           5,000,000,000.00

Net balance                       `                                      86,665,985,574.06.”