March 05, (THEWILL) – A former deputy governor of the Central Bank of Nigeria (CBN), Prof. Kingsley Moghalu, has urged President Bola Tinubu to reshuffle his cabinet before his administration clocks one year in office.
Speaking on Tuesday, in Abuja when he delivered his keynote address at the annual LEADERSHIP Conference and Awards 2023, Moghalu said if Tinubu must succeed with the economic targets he has set for the administration, an urgent cabinet reshuffle is necessary.
“President Bola Tinubu needs to revamp his cabinet… Removing the subsidy is just one aspect of the reform. There are other things to do,” he said.
Moghalu also said the foundation of the current economic crisis in Nigeria was laid by the mismanagement and unprecedented corruption that took place under the leadership of former President Muhammadu Buhari.
He described the N30 trillion Ways and Means granted to the Buhari government by the CBN under the immediate-past Governor of the apex bank, Godwin Emefiele, as an “unprecedented corruption” in the country, adding that the Tinubu’s administration also made costly mistakes, which exacerbated the current crisis.
“We should not be surprised that there is hunger and anger in the land because the past 10 years have been marked by many economic mismanagement, blotted ways and means of the CBN, blotted budget and unprecedented corruption,” he said.
He, however, said the Nigerian economy would thrive if the authorities were able to fix the fundamentals, namely; cost push inflation, insecurity, guarantee access to finance, build stable power supply and wake up the fiscal segment of the economy.
Moghalu charged Tinubu’s administration to guarantee access to credit for the manufacturing sector and small and medium scale enterprises, improve power supply for production activities and secure the country.
He also said the government must end oil theft by promoting transparency and accountability in the oil exploration segment of the petroleum sector.
