Professor Kingsley Moghalu, the former deputy governor of the Central Bank of Nigeria (CBN), has responded to reports from the International Monetary Fund (IMF) that the Bola Tinubu-led government had reinstated fuel subsidies through a back door. CONTINUE FULL READING>>>>>
In responding, Professor Moghalu stated that “one subsidy stubbornly clings on is the subsidization of Nigeria’s political class.” Regardless of the economic justification for eliminating fuel subsidies, they have reportedly been reinstated through the back door to stop further increases.
Speaking further, Prof Moghalu made it known that as he had commented earlier, that spending around ₦160 million to purchase imported SUVs for each member of the National Assembly, when the country was trying to borrow $1.5 billion from World Bank sent the wrong signal to Nigerians and investors.
The former CBN Deputy Governor made this disclosure in a post he made on his official X handle on Monday morning.
Moghalu went on and stated it clearly that the subsidization of the lifestyles of Nigerian politicians must end before Nigerians can be persuaded on the economics of subsidy. He further noted that there is a whole separate argument about how competently the subsidies removal was handled.
Some parts of his post read: “Whatever the economic argument for removing subsidies on imported petrol (now apparently restored through the back door to prevent further increases in the price at the pump) and forex, one subsidy stubbornly clings on: the subsidization of Nigeria’s political class.”
Read the full post below.
It should be recalled that the International Monetary Fund, IMF, recently claimed that Bola Tinubu’s led government secretly resumed the payment of fuel subsidy, some months after removing fuel subsidy. CONTINUE FULL READING>>>>>
