Former Deputy Governor of the Central Bank of Nigeria (CBN), Professor Kingsley Moghalu, has described the newly introduced higher taxes from Nigerians, as most unfair particularly against the prevailing corruption and so much waste in governance.
Moghalu, a former presidential candidate, stressed that accountability which is a core principle of governance, does not exist with “our self-entitled political elites”.
He also described Nigeria’s political class as “self-entitled elites” who lack transparency.
Prof. Moghalu, who stated this on Sunday on his verified X handle, stressed that accountability must come before fresh tax demands.
This was as he particularly questioned how oil revenues and billions of dollars in borrowed funds were utilized,
In his words; “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?” he asked.
While he said that tax reforms are broadly in the right direction, Moghalu insisted that without tackling corruption and waste, any additional tax burden on ordinary citizens would remain unjust.
According to him; “While the tax reform laws are broadly in a good direction, the core questions of accountability and transparency must be addressed. They haven’t”.
