Former Deputy Governor of the Central Bank of Nigeria, Kingsley Moghalu, has faulted the call for higher taxes from Nigerians, describing it as unfair given the prevailing corruption and waste in governance.
In a post on X on Sunday, Moghalu questioned how oil revenues and billions of dollars in borrowed funds had been utilized, stressing that accountability must come before fresh tax demands.
“The profligacy and corruption in what passes for governance in our country, Nigeria, makes it unfair to expect citizens to pay any additional taxes. While taxes are an important part of the social contract, the question must first be asked: what have the revenues from oil and the numerous loans we have borrowed been spent on?” he said.
The former CBN chief described Nigeria’s political class as “self-entitled elites” who lack transparency.
While admitting that tax reforms are broadly in the right direction, Moghalu maintained that without tackling corruption and waste, any additional tax burden on ordinary citizens would remain unjust.
“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,” he added.
