Former Deputy Governor of the Central Bank of Nigeria, Kingsley Moghalu, has described as unfair the demand for more taxes from Nigerians amid the monumental wastage of public funds, lack of accountability for the high taxes and rampant open corruption by leaders.
Moghalu questioned how oil revenues and billions of dollars in borrowed funds had been spent, stressing that accountability must precede any new tax demands.
In a post on Sunday, on his official X handle, the former CBN governor described Nigeria’s political class as “self-entitled elites” who lack transparency.
Moghalu maintained that without addressing corruption and waste in governance, the burden on ordinary Nigerians would remain unjust.
“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,” he said.
