Oshiomhole: Naira Redesign Anger Helped Obi Defeat Tinubu in Lagos

Senator Adams Oshiomhole has attributed Peter Obi’s victory over President Bola Tinubu in Lagos during the 2023 presidential election to widespread public anger caused by the naira redesign policy introduced under former Central Bank of Nigeria Governor, Godwin Emefiele.

Speaking during an interview on TVC News’ Beyond the Headline on Monday, the Edo North lawmaker said the cash scarcity triggered by the policy weakened the ruling All Progressives Congress (APC) at a critical period before the election.

According to Oshiomhole, the circumstances surrounding the policy created an environment that favoured Obi, who was then the Labour Party presidential candidate.

“I have said this, but many people may not agree. Obi was produced by an unusual situation,” he said.

“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.”

The former Edo State governor argued that Nigerians became frustrated after the administration of former President Muhammadu Buhari introduced redesigned naira notes, making it difficult for many citizens to access cash despite having money in their bank accounts.

He said long queues at automated teller machines and severe cash shortages increased public resentment toward the APC.

“Former President Muhammadu Buhari suddenly changed the colour of the currency and virtually confiscated people’s money,” Oshiomhole said.

“People had money in the bank, but they couldn’t access it.”

He added that the hardship was compounded by fuel scarcity, leaving many Nigerians struggling to obtain both cash and petroleum products in the weeks leading to the election.

According to him, the combined effect of the twin crises translated into protest votes against the APC, particularly in Lagos.

“It is this anger that, in my view, deliberately created by the president before Tinubu that made people vote against the APC in Lagos, making Peter Obi defeat President Tinubu,” he said.

Oshiomhole also defended the constitutional powers of the National Assembly, maintaining that the Senate has the authority to summon individuals and public institutions while carrying out its oversight responsibilities.

He said the 1999 Constitution empowers legislative committees to investigate matters of public interest and ensure accountability in the conduct of public officials.

The senator maintained that such oversight remains essential to strengthening democratic governance and promoting transparency in public administration.