Former Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu, has faulted fresh calls for increased taxation on Nigerians, describing the move as unjust in the face of what he termed leaders’ extravagance, corruption, and lack of accountability.
In a post on X on Sunday, Moghalu questioned the management of oil revenues and billions of dollars in borrowed funds, insisting that transparency must precede any attempt to impose additional tax burdens on citizens.
“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 stated.
Describing Nigeria’s political class as “self-entitled elites,” Moghalu said accountability remains absent in governance.
He acknowledged that tax reforms are broadly a step in the right direction but argued that without tackling corruption and waste in government, the reforms would only deepen the suffering of ordinary Nigerians.
“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.