Senator Adams Oshiomhole, who represents Edo North Senatorial District, has attributed Peter Obi’s victory over President Bola Tinubu in Lagos during the 2023 presidential election to the controversial naira redesign policy introduced under former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele.

Oshiomhole made the assertion on Monday while speaking during an interview on TVC, arguing that the cash scarcity caused by the policy generated widespread public anger that ultimately worked against the ruling All Progressives Congress (APC).

According to the former Edo State governor, the hardship Nigerians experienced following the naira redesign policy created an unusual political environment that boosted Obi’s electoral performance.

“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 and make anybody contesting on its platform unelectable, it was that confusion that brought those votes to Peter Obi,” he said.

Oshiomhole alleged that the policy was driven by Emefiele after his failed presidential ambition, describing it as a “crazy” attempt to cripple the system.

He recalled that under former President Muhammadu Buhari, the redesign of the naira effectively restricted access to cash, leaving millions of Nigerians unable to withdraw their own money despite having funds in their bank accounts.

“People had money in the bank, but they couldn’t access it. They queued all night at ATM machines to withdraw ₦10,000, and after a while, even the ATMs ran out of cash,” he said.

The senator noted that many Nigerians were forced to rely on Point-of-Sale (POS) operators, while fuel scarcity further worsened public frustration.

He referenced a popular remark at the time, saying: “Why will you queue all night to withdraw ₦5,000, then spend another two nights queuing for 10 litres of petrol, and still expect to queue on election day to vote for the same government?”

According to Oshiomhole, the widespread anger over the cash crunch translated into protest votes against the APC in Lagos, enabling Peter Obi to defeat Tinubu in the state during the presidential election.

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