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Inflation: Nigerian Politicians, Their Enablers Destroying Economy – Moghalu



Kingsley Moghalu

Former Deputy Governor of the Central Bank of Nigeria, Kingsley Moghalu claims that Nigerian politicians and their enablers are destroying the country’s economy by weakening institutions that ought to be independent.

Making this allegation in a tweet via his official X handle on Tuesday, Mr Moghalu said:

“The N23 trillion illegal funding of the Buhari administration’s deficits by the CBN and the causal link to Nigeria’s 26% inflation rate, is just one example of how Nigeria’s politicians and their enablers destroy our economy by weakening institutions that ought to be independent.”

His comment comes as Nigeria continues to battle the incessantly rising inflation rate in the wake of the recent removal of the fuel subsidy.

News About Nigeria recalls that President Bola Tinubu had on assumption of office immediately removed subsidy on the pump price of fuel.

The move by President Tinubu led to an increase in the pump price of fuel resulting in an outrageous increase in the prices of staples and other commodities.

However, President Tinubu has continued to clamp down on vital economic officers who served under the Mr Buhari-led government as he continues his effort to revive the country’s crashing economy.

Already, the former governor of the Central Bank of Nigeria was in June arrested and charged by the Department of States Services for the illegal possession of firearms.

The Federal Government, on the other hand, filed new charges against the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, before the Federal Capital Territory (FTC) High Court in Abuja.