Senator Adams Oshiomhole has attributed Peter Obi’s victory over President Bola Tinubu in Lagos during the 2023 presidential election to widespread public anger sparked by the naira redesign policy introduced under former Central Bank of Nigeria (CBN) Governor Godwin Emefiele.
Speaking on TVC News’ Beyond the Headline programme, the Edo North senator said the cash scarcity triggered by the policy turned many voters against the ruling All Progressives Congress (APC), creating an opening that benefited the Labour Party candidate.
The former Edo State governor also linked the policy to Emefiele’s failed presidential ambition, alleging that it threw the APC into disarray at a crucial stage ahead of the election.
“I have said this, but many people may not agree. Obi was produced by an unusual situation. When a ruling party decided to destroy itself as to make anybody running election on its platform unelectable. It is that confusion that brought those votes to Peter Obi,” Oshiomhole said.
He recalled that the Buhari administration’s naira redesign policy left millions of Nigerians unable to access their money despite having funds in their bank accounts, forcing many to endure long queues at ATMs before turning to Point-of-Sale (POS) operators.
“I can speak to it. Former President Muhammadu Buhari suddenly changed the colour of the currency and virtually confiscated people’s money. People had money in the bank, but they couldn’t access it. They went to ATM machines and queued all night to get ₦10,000, and after a week, even the ATMs were out of cash. People started going to the Point-of-Sale (POS),” he said.
According to Oshiomhole, the cash crunch, combined with the fuel scarcity experienced at the time, intensified public frustration and resulted in protest votes against the APC in Lagos.
“I remember someone saying, ‘Why would you queue all night to withdraw ₦5,000, then queue for two nights to buy 10 litres of PMS, and still expect to queue again on election day to vote for the same people?’ It was this anger, which I believe was deliberately created before Tinubu became president, that made people vote against the APC in Lagos and enabled Peter Obi to defeat President Tinubu,” he added.
Oshiomhole also defended the constitutional powers of the National Assembly, stating that the 1999 Constitution authorises the Senate and its committees to summon individuals and institutions, investigate matters of public interest, and hold public officials accountable in the performance of their duties.
