Senator Adams Oshiomhole, who represents Edo North Senatorial District, has alleged that the naira redesign policy introduced under former Central Bank of Nigeria (CBN) Governor Godwin Emefiele contributed to Peter Obi’s victory over President Bola Tinubu in Lagos during the 2023 presidential election.
Oshiomhole made the remarks on Monday while speaking during an interview on TVC.
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According to the former Edo State governor, the widespread frustration caused by the cash scarcity triggered by the naira redesign policy pushed many voters toward Obi. He argued that Emefiele’s controversial monetary policy, which he described as an attempt to cripple the system after failing to realize his presidential ambition, fueled public anger against the ruling APC.
“I’ve said this before, although not everyone agrees with me. Peter Obi’s emergence was driven by an unusual set of circumstances. The ruling party created a situation that made its own candidates difficult to support, and that confusion ultimately benefited Obi,” Oshiomhole said.
He further claimed that former President Muhammadu Buhari’s decision to approve the currency redesign left many Nigerians unable to access their own money despite having funds in their bank accounts.
“People had money in the bank but couldn’t withdraw it. They spent hours, sometimes overnight, at ATMs hoping to get just ₦10,000, and eventually even the machines ran out of cash,” he stated.
Oshiomhole recalled that many Nigerians were forced to rely on Point-of-Sale (POS) operators because of the cash shortage.
He added, “Someone summed up the situation perfectly by asking: why would people spend the entire night trying to withdraw ₦5,000, then queue for days just to buy 10 liters of petrol, and still be expected to line up on election day to vote for the same government?”
According to Oshiomhole, the public resentment generated by the cash crisis led many Lagos voters to reject the APC at the polls, paving the way for Peter Obi’s victory over Tinubu in the state.
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