Former Deputy Governor of the Central Bank of Nigeria, Prof. Kingsley Moghalu, has called for a significant reduction in the salaries and allowances of political office holders and members of the National Assembly (NASS) by 50%. He made this appeal during an appearance on Channels Television’s “Politics Today” program.
Moghalu’s proposal comes in the wake of economic challenges in Nigeria, especially after the removal of the petroleum subsidy. He expressed his concern over Nigeria’s governance culture, which he believes encourages extravagance among political leaders and appointees.
Highlighting the importance of setting the right tone in governance, Moghalu emphasized that this cultural shift should begin at the highest levels of leadership, starting from the presidency and extending to the National Assembly. He stressed that both the executive and legislative branches should examine their own salaries and allowances and make necessary reductions.
According to Moghalu, implementing a 50% reduction in the compensation of political office holders and national legislators would serve to instill sobriety and a sense of responsibility during challenging economic times.
The economist also pointed out that Nigeria’s governance culture differs significantly from that of some Scandinavian countries where leaders use mass transit systems and even ride bicycles to work. In contrast, he criticized Nigeria’s governance culture, which often prioritizes self-service over public service.
Moghalu expressed disappointment that Nigerian political leaders have not emulated the practices observed in more developed nations, particularly when it comes to the efficient use of public funds.
He also criticized the continuous quest for loans in Nigeria, highlighting that the issue isn’t borrowing itself but the misuse of borrowed funds. Moghalu stressed that the country’s political class, through self-serving and rent-seeking behaviors, has hindered Nigeria’s economic progress more than anything else.
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