Moghalu Slams Fresh Tax Demands, Accuses Nigerian Leaders of Waste and Corruption

Former Deputy Governor of the Central Bank of Nigeria (CBN), Prof. Kingsley Moghalu, has sparked fresh controversy after declaring that it is unjust and hypocritical for the Nigerian government to demand more taxes from citizens while leaders continue to squander public funds through corruption and waste.

Moghalu, in a strongly worded statement on his official X handle on Sunday, accused Nigeria's political elites of operating like a "self-entitled cabalÔÇØ who demand sacrifices from the masses but refuse to embrace transparency and accountability themselves.

He lamented that despite trillions of naira in oil revenues and billions of dollars in foreign loans, the country has little to show in terms of infrastructure, healthcare, or economic stability. Instead, he said, the ruling class has turned governance into a pipeline for personal enrichment.

"The profligacy and corruption in what passes for governance in Nigeria makes it unfair to expect citizens to pay any additional taxes,ÔÇØ Moghalu wrote.

"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?ÔÇØ

The former presidential candidate further argued that while tax reforms may look good on paper, they remain hollow without first addressing the deep-rooted rot in governance.

He accused politicians of having no regard for accountability, insisting that new tax policies will only heap more suffering on ordinary Nigerians who are already battling inflation, unemployment, and economic hardship.

Moghalu's remarks come at a time when the government is aggressively pushing for new tax regimes as part of its fiscal reforms. His comments are expected to intensify the debate on whether Nigerians should continue to bear the brunt of government failures while public officials enjoy unchecked luxury.