Former Presidential candidate and deputy governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu, has proposed a 50% reduction in the salaries and allowances of political office holders and National Assembly (NASS) members in response to the current economic challenges in the country.
Moghalu made this recommendation during an appearance on Channels Television’s “Politics Today.”
He pointed out that despite the economic difficulties brought about by the removal of petroleum subsidies, Nigeria’s political culture still encourages extravagance among political leaders and appointees.
“The culture of governance is a very important issue that needs to be addressed and the tone has to be set from the top – from the presidency down. It has to include the National Assembly because a lot of resources go there and they are supposed to be independent of the executive,” Moghalu said Monday.
“So, they themselves must come on board, examine themselves, and say: ‘Look, even if we have been making this mistake in the past, we cannot continue this way. We have to cut our salaries.’ 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.”
Kingsley Moghalu, drawing on examples from some Scandinavian countries where political leaders utilize mass transit and even ride bicycles to work, argued that Nigeria’s governance culture prioritizes self-service over serving the people.
He emphasized that this culture of governance, characterized by extravagant displays of power and influence, reflects negatively on the government’s commitment to serving its citizens. Moghalu contended that, instead of focusing on leadership and service, the government often prioritizes self-aggrandizement and the pursuit of political power for its own sake.
Moghalu also expressed his perplexity at the widespread desire in Nigeria for sirens and lengthy convoys, criticizing political leaders for not emulating the practices seen in more developed countries. Additionally, he questioned the wisdom of Nigeria’s continuous pursuit of loans, asserting that these funds are not consistently directed toward the right priorities.
“So, my comment is simply a reflection of the fact that the political class in Nigeria – more broadly – has prevented the economic progress of the country because of their own self-seeking and rent-seeking behaviour,” the former presidential candidate added. “This is the problem, not borrowing.”