Senator Adams Oshiomhole has claimed that the naira redesign policy and cash scarcity under former President Muhammadu Buhari’s administration were the major reasons Peter Obi defeated Bola Tinubu in Lagos during the 2023 presidential election.
The senator representing Edo North made the remarks during an interview on TVC News, where he argued that the controversial naira redesign policy introduced by former Central Bank Governor Godwin Emefiele created widespread anger among Nigerians and significantly affected the electoral fortunes of the All Progressives Congress (APC) in Lagos.
“Public Anger Worked in Obi’s Favour”
According to Oshiomhole, the cash crunch triggered by the policy made it extremely difficult for Nigerians to access their own money, creating frustration that translated into protest votes against the APC.
He argued that many voters who ordinarily would have supported Tinubu turned against the ruling party because of the hardship caused by the currency redesign and the scarcity of the new naira notes.
Links Crisis to Buhari Administration
Oshiomhole alleged that the policy plunged the APC into unnecessary turmoil at a critical period before the election.
He recalled that Nigerians spent hours in queues at ATMs and Point-of-Sale (POS) outlets while also grappling with fuel scarcity, saying the combined hardship fuelled voter resentment in Lagos.
Background
Peter Obi won Lagos State in the 2023 presidential election with 582,454 votes, narrowly defeating Bola Tinubu, who secured 572,606 votes—a margin of less than 10,000 votes.