Former Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu, has faulted the Federal Government’s push for more taxes, describing it as unjust in the face of corruption, waste, and reckless spending by political leaders.
Moghalu, in a post on his X handle on Sunday, questioned how billions of dollars in oil revenues and borrowed funds have been used, stressing that transparency and accountability must come before Nigerians are asked to shoulder new tax burdens.
According to him, Nigeria’s political class has become a cabal of “self-entitled elites” who lack accountability. While admitting that tax reforms are generally a step in the right direction, he argued that without fixing corruption in governance, additional taxes would only punish already struggling citizens.
“The profligacy and corruption in what passes for governance in our country makes it unfair to expect citizens to pay any additional taxes. Taxes are an important part of the social contract, but the question must first be asked: what have the revenues from oil and the numerous loans we have borrowed been spent on?
“Accountability is a core principle of governance. It does not exist with our self-entitled political elites. While the tax reform laws are broadly in a good direction, the core questions of accountability and transparency must be addressed. They haven’t,” Moghalu wrote.
