Kingsley Moghalu, a former Deputy Governor of the Central Bank of Nigeria, has criticised fresh calls for higher taxes on citizens, arguing that such demands are unjust in the face of corruption and reckless spending by leaders.
In a statement shared on X on Sunday, September 14, Moghalu questioned the handling of oil revenues and billions of dollars borrowed by the government, stressing that transparency must come before any additional tax burden.
He described Nigeria’s political class as “self-entitled elites” who continue to evade accountability while shifting the weight of governance failures onto ordinary citizens.
“The profligacy and corruption in what passes for governance in our country, Nigeria, makes it unfair to expect citizens to pay any additional taxes,” he wrote.
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“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?”
Moghalu acknowledged that reforms within Nigeria’s tax system point in the right direction but maintained that they cannot be meaningful until corruption and waste are curbed.
“Accountability is a core principle of governance. It does not exist with our self-entitled political elites.
“While the tax reform laws are broadly in a good direction, the core questions of accountability and transparency must be addressed. They haven’t,” he added.
His remarks reflect growing public concern about how the government manages national resources, with many Nigerians already grappling with economic hardship.