Moghalu: Forcing More Taxes on Nigerians Amid Corruption and Waste is Unjust

Former Deputy Governor of the Central Bank of Nigeria, Kingsley Moghalu, has condemned fresh tax demands on Nigerians, arguing that widespread corruption and reckless spending by political leaders make such measures unfair.

Moghalu, who shared his views on X (formerly Twitter) on Sunday, questioned how billions of dollars in oil revenues and borrowed funds have been used, insisting that accountability must precede any additional tax burdens.

“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.

“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? Accountability is a core principle of governance. It does not exist with our self-entitled political elites.”

Tax reform without accountability “a false start”

While acknowledging that tax reforms are broadly a step in the right direction, Moghalu warned that without transparency, the reforms risk deepening hardship.

“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 come as Nigerians face mounting economic pressure following subsidy removal, rising fuel costs, and inflation that continues to erode household income.