Abuja, March 5, 2024 – Prof. Kingsley Moghalu, a former Deputy Governor of the Central Bank of Nigeria (CBN), on Tuesday advised President Bola Tinubu to rejig his cabinet within the first one year.
He said the federal cabinet was over bloated and full of too many politicians.
Moghalu made the observation in Abuja while delivering his keynote address at the 16th Annual Leadership Conference and Awards 2023.
He commended Tinubu for his bold steps in removing the fuel subsidy and the foreign exchange market reform.
Moghalu also advised the president to set up a 7-member economic team made up of economists if the country must get out of its current crisis.
He said the current economic crisis in Nigeria was caused by the mismanagement and unprecedented corruption in the last administration.
He described the Ways and Means amounting to N30 trillion granted to the Buhari government by the CBN as unprecedented corruption.
“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 expressed optimism that the Federal Government could resuscitate th economy 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 commended the monetary policy stance of the CBN to tighten cash liquidity, adding that this was necessary given the level of assault carried out on the bank by the last administration. (GBN)
