Posted by Samuel on Sun 14th Sep, 2025 - tori.ng
Moghalu questioned how oil revenues and billions of dollars in borrowed funds had been spent, stressing that accountability must precede any fresh tax demands.
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.”