Former Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu, has strongly criticized calls for increased taxation, arguing that it is unfair to demand more from citizens when government waste and corruption remain unchecked.
In a post shared on X (formerly Twitter) on Sunday, Moghalu raised concerns over how billions of dollars in oil revenue and borrowed funds have been managed by successive governments. He insisted that until leaders provide clear answers on where the money has gone, ordinary Nigerians should not be saddled with additional financial burdens.
Describing Nigeria’s political class as “self-entitled elites,” Moghalu accused them of lacking transparency and accountability, the very qualities he said must underpin any genuine tax reform.
“Taxation is an important part of the social contract,” Moghalu wrote. “But the critical question is: what has happened to our oil wealth and the huge loans taken on behalf of Nigerians? Without proper accountability, imposing extra taxes is simply unjust.”
Although he acknowledged that tax reforms may point in a generally positive direction, the former presidential candidate maintained that the fight against corruption and wasteful governance must come first before expecting citizens to pay more.
Moghalu’s remarks have reignited debate around Nigeria’s economic policies, with many citizens echoing his call for leaders to demonstrate accountability before introducing new tax measures.