Monday, September 15, 2025 - Former Central Bank of Nigeria Deputy Governor Kingsley Moghalu has criticized the call for increased taxation on Nigerians, describing it as unjust in the face of leaders’ extravagance and corruption.
Moghalu questioned how oil revenues and billions of dollars
in borrowed funds had been spent, stressing that accountability must precede
any fresh tax demands.
In a post on X on Sunday, the former CBN governor described
Nigeria’s political class as “self-entitled elites” who lack transparency.
While acknowledging that tax reforms are broadly in the
right direction, Moghalu insisted that without addressing corruption and waste
in governance, the burden on ordinary Nigerians would remain unjust.
He said: “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?
“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.”
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