ABUJA — Former Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu, has faulted fresh moves to demand more taxes from Nigerians, saying it is unjust in the face of widespread corruption and waste in government.
In a post on X on Sunday, Moghalu accused the nation’s political class of reckless spending and lack of accountability, questioning how revenues from oil and billions of dollars in borrowed funds have been utilized.
“The profligacy and corruption in what passes for governance in our country, Nigeria, makes it unfair to expect citizens to pay any additional taxes,” he said. “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?”
The former presidential candidate stressed that while tax reforms may be heading in the right direction, ordinary Nigerians should not be made to bear the brunt of leaders’ mismanagement.
“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 stated.
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