FORMER Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Muoghalu, has recommended 50 per cent salary cut for Nigeria’s political class while also condemning their flamboyant lifestyle despite Nigeria’s economic distress.
Muoghalu stated this while featuring on Channels Television’s magazine programme “Politics Today” on October 17.
Nigeria has hugely relied on borrowing to fund its budget amid fiscal crisis, with the latest being $1.5 billion from the World Bank. Muoghalu believes such borrowings should not be reciprocated with the flamboyant life of politicians and the buying of costly imported jeeps amid Nigeria’s economic crisis.
“I recommend a 50 per cent cut in salaries for all political office holders. Also, all excessive demonstration of power stands condemned with the current economic distress we are going through,” he said.
He added that Nigeria’s political class must seriously consider what posterity will say of them when making crucial decisions.
According to Muoghalu, the general cost of governance must come down to avert further fiscal troubles amid rising borrowing.
He stressed that the tone of a good governance culture had to be set by President Bola Tinubu and spread through the other levels of government, including the National Assembly.
He argued that the solution to Nigeria’s economic problems lay in the broader culture of governance, which creates an inclusive sense of nationhood where everyone has a shared sense of purpose.
He said that issues of political economy, nationhood and culture of waste and corruption had to stop for Nigeria to move forward.
Harrison Edeh is a journalist with the International Centre for Investigative Reporting, always determined to drive advocacy for good governance through holding public officials and businesses accountable.