by Nigerian News24 Correspondents
Former Deputy Governor of the Central Bank of Nigeria, Kingsley Moghalu, has faulted calls for higher taxes on Nigerians, describing the move as unfair in light of government corruption and leaders’ lavish lifestyles.
Moghalu questioned the management of oil revenues and billions of dollars borrowed over the years, insisting that accountability must come before any new tax measures.
In a post on X on Sunday, the former presidential candidate labeled Nigeria’s political leaders as “self-entitled elites” who operate without transparency.
He acknowledged that tax reforms may be a step in the right direction but stressed that without tackling corruption and reckless spending in government, increased taxation would only worsen the burden on ordinary citizens.
“The profligacy and corruption in what passes for governance in Nigeria make it unfair to expect citizens to pay additional taxes. Taxes are vital to the social contract, but we must first ask: what happened to oil revenues and the loans Nigeria has taken?” Moghalu wrote.
He added that while tax reform laws may look promising, the fundamental issues of accountability and transparency remain unresolved.