Former Deputy Governor of the Central Financial institution of Nigeria, Kingsley Moghalu, has described as unfair the demand for extra taxes from Nigerians amid the profligacy and corruption by leaders.
Moghalu questioned how oil revenues and billions of {dollars} in borrowed funds had been spent, stressing that accountability should precede any contemporary tax calls for.
In a submit on X on Sunday, the previous CBN governor described Nigeria’s political class as “self-entitled elites” who lack transparency.
Whereas acknowledging that tax reforms are broadly in the fitting route, Moghalu insisted that with out addressing corruption and waste in governance, the burden on bizarre Nigerians would stay unjust.
He mentioned: “The profligacy and corruption in what passes for governance in our nation, Nigeria, makes it unfair to count on residents to pay any extra taxes. Whereas taxes are an necessary a part of the social contract, the query should first be requested: what have the revenues from oil and the quite a few loans we’ve borrowed been spent on?
“Accountability is a core precept of governance. It doesn’t exist with our self-entitled political elites. Whereas the tax reform legal guidelines are broadly in a great route, the core questions of accountability and transparency should be addressed. They haven’t.”
