Moghalu advocates 50% salary cut for political office holders, NASS members  

A former deputy governor of the Central Bank of Nigeria, Kingsley Moghalu, has called for a 50% cut in the salary and allowances of politicians, particularly lawmakers, due to the current economic challenges of the country.  

Moghalu made this recommendation while featuring on Channel TV’s Politics Today, stating that the current extravagant spending of political elites does not reflect the economic condition of the country they govern.  

According to him, even though Nigeria is grappling with the challenges of removing the petroleum subsidy, its political leadership and appointees often exhibit a culture of extravagance. 

Earlier, it was reported that the 360 members of the National Assembly were granted brand new 2023 model Toyota SUVs worth over N100 million each.   

Subsequently, many Nigerians have criticized the lawmakers for wanting such expensive vehicles while the citizens are going through a difficult economic crisis.

However, the Chairman of, the House Committee on Media and Public Affairs, Akin Rotimi, has defended the allocation, stating that it is customary for newly elected members to be given such vehicles to perform their legislative duties and they are expected to pay for it as time goes by.  

Responding to the development, the former CBN deputy governor said such liberal spending only promotes a culture of self-aggrandizement, citing that lawmakers in Scandinavian countries ride bicycles to work.  

Speaking further, Moghalu faulted the country’s fresh quest for an additional $1.5bn loan from the World Bank, saying the monies are not used for the right things.