Moghalu Slams Government: Demanding More Tax Amid Waste and Corruption is “Unjust”

Kingsley Moghalu, a former Deputy Governor of the Central Bank of Nigeria (CBN) and renowned political economist, has strongly criticized the call for increased taxation of Nigerians, labeling it “unfair” given the rampant government profligacy and corruption.

Moghalu’s comments, made via a post on his official X (formerly Twitter) handle on Sunday, challenge the narrative that increased domestic revenue mobilization through taxes is the primary solution to Nigeria’s fiscal challenges. He argued that the government must first demonstrate accountability and prudence with existing resources.

READ: If You Attack US, We Will Hunt You Down – Trump Delivers Powerful Message

The former presidential candidate pointedly questioned the management of the nation’s vast oil revenues and the billions of dollars accrued from foreign loans, demanding clarity on their expenditure before citizens are asked to shoulder a further tax burden.

“How has our oil revenue been spent? What about the billions of dollars in borrowed funds?” Moghalu queried, stressing that “accountability must precede any fresh tax demands.”

In his critique, Moghalu directed his ire at Nigeria’s political class, whom he described as “self-entitled elites” operating without transparency. This lack of accountability, he suggested, erodes public trust and makes any call for shared sacrifice hypocritical.

While acknowledging that recent tax reform initiatives by the government are “broadly in the right direction” in terms of policy structure, Moghalu insisted that the fundamental issue lies in the execution and the environment in which these policies are applied.

He maintained that without first taking decisive and visible action to cut the cost of governance, eliminate corrupt practices, and stop financial waste, placing an additional tax burden on already struggling Nigerians and businesses is fundamentally unjust. His statement highlights a growing sentiment among economic experts and citizens who believe that fixing government leakage is a prerequisite for effective revenue generation.