Subsidy and Debt Restructuring: Kingsley Moghalu Paints Economic Road Map For Nigeria’s Next President

• Former CBN deputy governor, Kingsley Moghalu has painted an economic future for Nigeria’s next president
• Moghalu said the next president of Nigeria must be decisive in removing petrol subsidy embark on debt restructuring
• He also said the country’s next president should tackle poverty and insecurity as well as food poverty

Former Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu has painted an economic road map for Nigeria’s next president.

Moghalu outlined debt restructuring, petrol subsidy removal, tackling insecurity and following other economic agendas to revive Nigeria’s economy.

Current economic outlook is gloomy

He disclosed this during an interview with Channels Television on Monday, January 2, 2023. Moghalu stated that if everything he highlighted would reduce inflation and ensure a better economy for Nigeria.

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Moghalu also stated that reducing fuel subsidies must come with other economic projects to ease the effect of increasing fuel prices, including a subsidised transport system.

He also urged that reducing fuel subsidies must also come with projects to cushion the effect of rising fuel prices, including a subsidized public transport system.

He said Nigeria’s current economic outlook is gloomy and in a state of collapse due to a huge debt burden, inflation and poor productivity.

According to the erstwhile presidential candidate of Africa Democratic Party (ADC) said Nigeria’s current debt stock stands at over $100 billion or over N44 trillion, poverty-stricken population and insecurity.

Moghalu said all the issues make up a very powerful ingredient in a negative sense affecting the economy as well as high inflation and food insecurity as prices of food items soar beyond the reach of ordinary citizens.

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The economist said Nigeria’s poor and weak economic thinking led it to its present state.

He said:

“We got here because of very weak economic thinking, a lot of our governments make one mistake, they tend to focus on just economic growth, GDP, growth, they do not focus enough on poverty, and even on the GDP growth we have not done well.

Moghalu urged Nigeria’s next president to restructure the country’s debt, curb waste and ease up more resources for development and social spending.

He also stated that Nigeria must expand its tax reform and bring more people into the tax net to increase revenue.

Infrastructure development depends on public-private partnerships

On infrastructure development, Moghalu advised that the next president must stop using borrowed money on big projects but handle them via public-private partnerships.

On the public transport system, he stated that Nigeria could use N500 billion for a subsidised transportation system to help poor people cushion the effect of the subsidy removal.

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Job creation, and Ease of Doing Business top economic plans by Nigerians for the next president

Legit.ng reported that after the successful completion of the party primaries of the three contenders for the office of the President of Nigeria in the 2023 elections, Nigerians have stated what they expect from the next president.

They opined the next president should focus on job creation which they say is the bane of insecurity and corruption in the country.

According to them, the current administration of President Muhammdu Buhari has failed to address the issue of job creation and this has given rise to insecurity and other vices in Nigeria.

Source: Legit.ng