Former Edo State Governor and senator representing Edo North, Adams Oshiomhole, has attributed the defeat of President Bola Tinubu by the Labour Party presidential candidate, Peter Obi, in Lagos State during the 2023 presidential election to public anger over the naira redesign policy introduced by the Central Bank of Nigeria.
Oshiomhole said the cash crunch that followed the implementation of the policy created widespread frustration among Nigerians and triggered protest votes against the ruling All Progressives Congress in some states, including Lagos, which was considered Tinubu’s political stronghold.
The former APC national chairman stated this on Monday during an interview on TVC News’ Beyond the Headline programme.
According to him, Obi’s performance in Lagos was a result of an “unusual situation” created by the controversy surrounding the naira redesign policy and the hardship it caused citizens before the election.
“Obi was produced by an unusual situation. 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,” Oshiomhole said.
The senator alleged that the policy, introduced during the administration of former President Muhammadu Buhari, left many Nigerians unable to access their funds despite having money in their bank accounts.
He said the cash scarcity forced citizens to spend hours at automated teller machines and Point-of-Sale operators in search of money for daily needs.
“People had money in the bank, but they couldn’t access it. They would go to ATM machines, queue all night to get ₦10,000, and after a week, even the ATMs were dried of cash. People started going to POS,” he said.
Oshiomhole linked the naira crisis with other economic challenges at the time, including fuel scarcity, arguing that the combined hardship influenced voters’ decisions during the presidential election.
He said many Nigerians who experienced difficulties accessing cash and purchasing fuel were unlikely to support the party they blamed for the situation.
“Why will you queue all night to withdraw ₦5,000? Then you go and queue for two nights to get 10 litres of PMS, and those people expect that on election day, you will queue to vote for them?” he asked.
In the 2023 presidential election, Obi defeated Tinubu in Lagos State, securing a significant share of the votes in a state historically associated with Tinubu’s political influence.
Oshiomhole, however, maintained that the outcome was not necessarily a reflection of a permanent political shift in Lagos but rather a consequence of the circumstances surrounding the election period.
The senator also defended the powers of the National Assembly to summon individuals and institutions as part of its oversight functions.
He said the 1999 Constitution empowers legislative committees to investigate issues of public interest and hold public officials accountable.
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