The senator representing Edo North Senatorial District, Adams Oshiomhole, has claimed 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.
According to the former Edo State governor, the cash scarcity caused by the naira redesign policy triggered widespread public frustration, which he believes influenced voting patterns in Lagos.
He argued that Obi’s strong showing in the state was the result of an “unusual situation” created by what he described as the ruling party’s self-inflicted challenges.
“I have said this before, though many people may not agree. Peter Obi emerged because of an unusual situation. When a ruling party takes actions that make its own candidates appear unelectable, it creates confusion, and that confusion benefited Peter Obi,” Oshiomhole said.
He accused the administration of former President Muhammadu Buhari of introducing the currency redesign in a manner that left many Nigerians unable to access their money.
“Buhari suddenly changed the colour of the currency and, in effect, confiscated people’s money. People had funds in their bank accounts but could not access them. They spent long hours at ATMs just to withdraw ₦10,000, and eventually even the ATMs ran out of cash,” he stated.
Oshiomhole said the situation forced many Nigerians to rely on Point-of-Sale (POS) operators, while also dealing with fuel shortages.
Recalling public sentiment at the time, he said many questioned why they should queue for cash, queue again for petrol and still be expected to queue to vote for the ruling party.
“In my view, it was the anger deliberately created before Tinubu assumed office that made many people vote against the APC in Lagos, leading to Peter Obi’s victory in the state,” he added.
BACKSTORY:
The 2023 presidential election was conducted amid severe cash shortages triggered by the Central Bank of Nigeria’s (CBN) naira redesign policy introduced under then-Governor Godwin Emefiele. The policy, aimed at replacing old naira notes with redesigned ones, led to widespread scarcity of cash, leaving many Nigerians unable to access funds from banks and ATMs.
The development generated public anger across the country, with long queues at banks, fuel stations and Point-of-Sale (POS) outlets becoming a common sight in the weeks leading up to the election. The policy also sparked legal battles, with several state governments challenging its implementation at the Supreme Court.
Against this backdrop, Peter Obi of the Labour Party won the presidential vote in Lagos State, defeating Bola Tinubu, the then-All Progressives Congress (APC) candidate, in what was widely regarded as one of the election’s biggest upsets. While Tinubu went on to win the presidency nationwide, Oshiomhole believes the hardship caused by the naira redesign policy significantly influenced voter behaviour in Lagos and contributed to Obi’s victory in the state.
