Kingsley Moghalu, a former deputy governor of the Central Bank of Nigeria (CBN) , has spoken against the effectiveness of Nigeria's recent economic reforms, highlighting flaws in their execution.
In a statement released on Friday via X, Moghalu acknowledged the unsustainability of both the petrol and forex subsidies.
Moghalu, however, acknowledged the necessity of these reforms but faulted the government's approach to implementation.
Moghalu specifically criticized the handling of fuel subsidy removal and the floating of the Naira exchange rate. He argues that the removal of the fuel subsidy, while necessary, should have been accompanied by measures to cushion the blow for ordinary Nigerians, such as alternative transportation solutions.
He stated, "The petrol subsidy and the forex subsidy were unsustainable. The fact that the wrongheaded execution of their removal is a very different thing from whether those reforms were needed."
