• Saturday, February 24, 2024
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Moghalu slams FG over $1.5bn World Bank loan

Moghalu harps on Private Sector Bill of Rights to open Africa for business

Kingsley Moghalu, the former Deputy Governor of the Central Bank of Nigeria (CBN) and one-time presidential candidate, has strongly criticised recent financial decisions made by the Federal Government of Nigeria.

His condemnation encompasses the country’s pursuit of a $1.5 billion loan from the World Bank and reports of the federal government’s intention to allocate N160 million for the acquisition of SUVs for all 360 members of the House of Representatives.

Taking to X, Moghalu on Monday voiced his disapproval of these financial choices, stating, “We are not yet serious as a country.”

Read also:Wale Edun confirms Nigeria expecting World Bank’s $1.5bn budget support soon

He went on to express his concern that Nigeria is swiftly “becoming a carcass, and our political class its scavengers.”

Moghalu’s comments have ignited a flurry of reactions from the public. While many individuals shared his dismay at the nation’s mounting debt and lavish vehicle purchases for lawmakers, there were also dissenting voices.

Some took to Twitter to express their disagreement, employing strong language, while others commended Moghalu for his forthrightness.

The unfolding developments have initiated a more extensive conversation regarding responsible governance, financial prudence, and the importance of fiscal decisions that prioritise the welfare of the Nigerian populace.

The debate continues, with Nigerians scrutinising the government’s actions and their potential consequences for the nation’s economic future.