By Milcah Tanimu
Professor Kingsley Moghalu, former Deputy Governor of the Central Bank of Nigeria (CBN), has called for a substantial reduction in the salaries and allowances of political office holders and members of the National Assembly (NASS) by 50%, citing the economic challenges facing the country.
Speaking on Channels Television’s “Politics Today” program, Moghalu expressed concern about Nigeria’s governance culture, which he believes promotes extravagance among political leaders and appointees.
He emphasized the need for leadership to set a positive example, starting from the presidency down to the National Assembly. Moghalu argued that even though resources allocated to the National Assembly are substantial, it is crucial for them to demonstrate fiscal responsibility.
He stated, “I recommend a 50% cut for all political office holders and all national legislators. It would make people a little bit more sober. It would make them understand that we are in hard times.”
Moghalu pointed out that in some Scandinavian countries, political leaders use public transport and even ride bicycles to work. In contrast, Nigeria’s governance culture appears to prioritize self-service over public service.
He criticized the excessive displays of power and influence in Nigerian politics, suggesting that they reflect a culture where government serves self-aggrandizement and political power rather than true leadership and public service.
Moghalu also expressed disappointment that Nigerian political leaders have not emulated some of the practices seen in developed countries. Additionally, he voiced his concerns about Nigeria’s increasing reliance on external loans, emphasizing that the funds are often not used for their intended purposes.
