Kingsley Moghalu, the former Deputy Governor (Financial Stability) of the Central Bank of Nigeria (CBN), has recommended that the federal government explore the option of securing a long-term stabilization loan ranging from $20-30 billion from the International Monetary Fund (IMF).
Speaking at the 16th Edition of the LEADERSHIP Annual Conference and Awards in Abuja, Moghalu highlighted the potential of the IMF as a catalyst for sustained economic growth, acknowledging the need for a thorough assessment of the associated benefits and drawbacks.
Furthermore, Moghalu stressed the importance of establishing a dedicated, highly professional Economic Advisory Council comprising seven experts specializing in critical sectors like agriculture, industry, labor, business, trade, fiscal policy, and development economics. He believes that such a council would provide strategic insights vital for achieving economic transformation.
Expressing concerns about the federal government's ways and means borrowings, totaling N30 trillion over the past administrations, Moghalu characterized it as a grand corruption scheme.
He pointed out that economic mismanagement, inflated ways and means of the CBN, and budgetary issues have contributed to unprecedented corruption and economic challenges over the past decade.
Moghalu called for greater transparency, advocating for all budgets, including the 2024 budget of the Federal Government of Nigeria, to undergo forensic audits before presentation to the National Assembly.
Additionally, he criticized the practice of lawmakers adding budget items independently, stating that it is unconstitutional and should cease to ensure fiscal responsibility and accountability in governance.
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