Former Deputy Governor of the Central Bank Nigeria (CBN), Kingsley Moghalu, has weighed in on Nigeria’s economic challenges, stating some actions he believes will help the economy grow.
Addressing the theme, ‘An Economy In Distress; Which Way Forward?’ at the 16th Edition of Leadership Annual Conference and Awards in Abuja on Tuesday, March 5, Moghalu outlined key reforms that could stabilize Nigeria’s foreign exchange and foster economic resilience.
He suggested the careful consideration of a $20-30 billion stabilization package from the International Monetary Fund (IMF) and asked Tinubu to reshuffle his cabinet after one year.
The professor emphasized the necessity of forming a full-time, highly professional Economic Advisory Council comprising seven economists specializing in critical sectors such as agriculture, industry, labour, business, trade, fiscal policy, and development economics.
In addition to these measures, Moghalu urged the strategic sale of government assets to raise funds totalling $18-20 billion, which could be channelled into bolstering foreign reserves.
“President Bola Tinubu needs to revamp his cabinet… Removing the subsidy is just one aspect of the reform. There are other things to do,” Moghalu said
“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 which has paved way for unprecedented corruption.”
He added that the fiscal side of the government has failed over the years which is why the CBN has been overwhelmed.
