Kingsley Moghalu, former Deputy Governor of the Central Bank of Nigeria (CBN), has advised President Bola Tinubu that resolving Nigeria’s economic issues requires a new constitution. Moghalu criticized Tinubu’s response to The Patriots, a group advocating for constitutional reform, suggesting that economic reform alone would not suffice.
Moghalu emphasized that Nigeria’s 1999 Constitution, as amended, lacks fiscal federalism, which he believes is crucial for addressing the country’s economic problems. He argued that the current constitution fails to create a unified nation, leading to economic challenges driven by a lack of cohesion and productive economic strategies.
In a statement on his X handle, Moghalu expressed disagreement with Tinubu’s view that immediate economic reform should be prioritized. He stated that without a new constitution based on real federalism, particularly a regional structure of 6-12 regions, the country will struggle to achieve meaningful economic development.
Moghalu noted that Nigeria’s economy remains dependent on natural resources and suffers from unproductive practices because political power struggles overshadow genuine economic progress. He warned that delaying constitutional reform due to political sensitivities would prolong the country’s economic difficulties.
He concluded that a shared vision and stable nationhood are essential for economic transformation, and as long as political power remains focused on state capture and narrow interests, meaningful economic change will be elusive.
News Editor