{"id":122540,"date":"2024-06-29T12:18:12","date_gmt":"2024-06-29T11:18:12","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/moghalu-criticizes-implementation-of-nigerias-economic-reforms"},"modified":"2024-06-29T13:28:23","modified_gmt":"2024-06-29T12:28:23","slug":"moghalu-criticizes-implementation-of-nigerias-economic-reforms","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/policy\/moghalu-criticizes-implementation-of-nigerias-economic-reforms","title":{"rendered":"Moghalu criticizes implementation of Nigeria\u2019s economic reforms"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Nigeria. <\/strong><\/span>Kingsley Moghalu, a former deputy governor of the Central Bank of Nigeria (CBN), on Friday, cast doubt on the effectiveness of Nigeria\u2019s recent economic reforms, highlighting flaws in their execution.<\/p>\n<p>In a statement released on Friday via X, Moghalu acknowledged the unsustainability of both the petrol and forex subsidies.<\/p>\n<p>Moghalu, however, acknowledged the necessity of these reforms but faulted the government\u2019s approach to implementation.<\/p>\n<p>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.<\/p>\n<p>He stated, \u201cThe 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.\u201d<\/p>\n<p>Moghalu criticised the hasty removal of the petrol subsidy \u201cwithout proper planning for consequences and alternative transport solutions for the people.<\/p>\n<p>\u201cMy position on the fuel subsidy and exchange rate subsidy remains consistent and not populist.<\/p>\n<p>\u201cExecuting painful reforms requires the legitimacy of shared sacrifice. That such a sacrifice on the part of the political leaders of Nigeria is absent, while asking citizens to bear the pain of necessary (although incompetently executed) reforms damages the legitimacy of the reforms,\u201d Moghalu wrote.<\/p>\n<p>Similarly, he faulted the floating of the exchange rate \u201cwithout FIRST tightening monetary policy and without a substantive Central Bank of Nigeria Governor with a real plan in place.\u201d<\/p>\n<p>Moghalu\u2019s comments raise important questions about the effectiveness of the government\u2019s economic reforms:<\/p>\n<p>\u2022 Are the chosen reforms appropriate to address Nigeria\u2019s economic challenges?<\/p>\n<p>\u2022 Has the government adequately addressed the potential negative consequences of these reforms?<\/p>\n<p>\u2022 What steps are being taken to ensure a successful implementation of these reforms?<\/p>\n<p>The success of these reforms will depend on the government\u2019s ability to address these concerns. Effective communication, targeted support measures, and a coordinated policy approach will be crucial in ensuring a smooth transition and achieving the desired economic outcomes.Balanced, fearless journalism driven by data comes at huge financial costs.<\/p>\n<p>As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.<\/p>\n<p>If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.<\/p>\n<p>Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.<\/p>\n<p><strong>For More News And Analysis About Nigeria Follow Africa-Press<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Nigeria. Kingsley Moghalu, a former deputy governor of the Central Bank of Nigeria (CBN), on Friday, cast doubt on the effectiveness of Nigeria\u2019s 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 [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":122539,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,14],"tags":[2948,254,13937],"class_list":["post-122540","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-policy","tag-moghalu","tag-nigeria","tag-nigerias-economic-reforms"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Moghalu criticizes implementation of Nigeria\u2019s economic reforms - Nigeria<\/title>\n<meta name=\"description\" content=\"Kingsley Moghalu, a former deputy governor of the Central Bank of Nigeria (CBN), on Friday, cast doubt on the effectiven ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/policy\/moghalu-criticizes-implementation-of-nigerias-economic-reforms\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Moghalu criticizes implementation of Nigeria\u2019s economic reforms\" \/>\n<meta property=\"og:description\" content=\"Kingsley Moghalu, a former deputy governor of the Central Bank of Nigeria (CBN), on Friday, cast doubt on the effectiven ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/policy\/moghalu-criticizes-implementation-of-nigerias-economic-reforms\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-29T11:18:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-29T12:28:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/06\/sm_1719651217.107824.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/moghalu-criticizes-implementation-of-nigerias-economic-reforms#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/moghalu-criticizes-implementation-of-nigerias-economic-reforms\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Moghalu criticizes implementation of Nigeria\u2019s economic reforms\",\"datePublished\":\"2024-06-29T11:18:12+00:00\",\"dateModified\":\"2024-06-29T12:28:23+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/moghalu-criticizes-implementation-of-nigerias-economic-reforms\"},\"wordCount\":443,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/moghalu-criticizes-implementation-of-nigerias-economic-reforms#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/06\/sm_1719651217.107824.jpg\",\"keywords\":[\"Moghalu\",\"Nigeria\",\"Nigeria's economic reforms\"],\"articleSection\":[\"all news\",\"Policy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/policy\/moghalu-criticizes-implementation-of-nigerias-economic-reforms#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/moghalu-criticizes-implementation-of-nigerias-economic-reforms\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/moghalu-criticizes-implementation-of-nigerias-economic-reforms\",\"name\":\"Moghalu criticizes implementation of Nigeria\u2019s economic reforms - Nigeria\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/moghalu-criticizes-implementation-of-nigerias-economic-reforms#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/moghalu-criticizes-implementation-of-nigerias-economic-reforms#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/06\/sm_1719651217.107824.jpg\",\"datePublished\":\"2024-06-29T11:18:12+00:00\",\"dateModified\":\"2024-06-29T12:28:23+00:00\",\"author\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"description\":\"Kingsley Moghalu, a former deputy governor of the Central Bank of Nigeria (CBN), on Friday, cast doubt on the effectiven ...\",\"breadcrumb\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/moghalu-criticizes-implementation-of-nigerias-economic-reforms#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/policy\/moghalu-criticizes-implementation-of-nigerias-economic-reforms\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/moghalu-criticizes-implementation-of-nigerias-economic-reforms#primaryimage\",\"url\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/06\/sm_1719651217.107824.jpg\",\"contentUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/06\/sm_1719651217.107824.jpg\",\"width\":1000,\"height\":600,\"caption\":\"Moghalu criticizes implementation of Nigeria\u2019s economic reforms\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/moghalu-criticizes-implementation-of-nigerias-economic-reforms#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.africa-press.net\/nigeria\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Moghalu criticizes implementation of Nigeria\u2019s economic reforms\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#website\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/\",\"name\":\"Africa Press | Nigeria | Homepage\",\"description\":\"Just another Africa News Agency Sites site\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.africa-press.net\/nigeria\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\",\"name\":\"cfeditoren\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/author\/cfeditoren\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Moghalu criticizes implementation of Nigeria\u2019s economic reforms - Nigeria","description":"Kingsley Moghalu, a former deputy governor of the Central Bank of Nigeria (CBN), on Friday, cast doubt on the effectiven ...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.africa-press.net\/nigeria\/policy\/moghalu-criticizes-implementation-of-nigerias-economic-reforms","og_locale":"en_US","og_type":"article","og_title":"Moghalu criticizes implementation of Nigeria\u2019s economic reforms","og_description":"Kingsley Moghalu, a former deputy governor of the Central Bank of Nigeria (CBN), on Friday, cast doubt on the effectiven ...","og_url":"https:\/\/www.africa-press.net\/nigeria\/policy\/moghalu-criticizes-implementation-of-nigerias-economic-reforms","og_site_name":"Nigeria","article_published_time":"2024-06-29T11:18:12+00:00","article_modified_time":"2024-06-29T12:28:23+00:00","og_image":[{"width":1000,"height":600,"url":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/06\/sm_1719651217.107824.jpg","type":"image\/jpeg"}],"author":"cfeditoren","twitter_card":"summary_large_image","twitter_misc":{"Written by":"cfeditoren","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.africa-press.net\/nigeria\/policy\/moghalu-criticizes-implementation-of-nigerias-economic-reforms#article","isPartOf":{"@id":"https:\/\/www.africa-press.net\/nigeria\/policy\/moghalu-criticizes-implementation-of-nigerias-economic-reforms"},"author":{"name":"cfeditoren","@id":"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"headline":"Moghalu criticizes implementation of Nigeria\u2019s economic reforms","datePublished":"2024-06-29T11:18:12+00:00","dateModified":"2024-06-29T12:28:23+00:00","mainEntityOfPage":{"@id":"https:\/\/www.africa-press.net\/nigeria\/policy\/moghalu-criticizes-implementation-of-nigerias-economic-reforms"},"wordCount":443,"commentCount":0,"image":{"@id":"https:\/\/www.africa-press.net\/nigeria\/policy\/moghalu-criticizes-implementation-of-nigerias-economic-reforms#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/06\/sm_1719651217.107824.jpg","keywords":["Moghalu","Nigeria","Nigeria's economic reforms"],"articleSection":["all news","Policy"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.africa-press.net\/nigeria\/policy\/moghalu-criticizes-implementation-of-nigerias-economic-reforms#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.africa-press.net\/nigeria\/policy\/moghalu-criticizes-implementation-of-nigerias-economic-reforms","url":"https:\/\/www.africa-press.net\/nigeria\/policy\/moghalu-criticizes-implementation-of-nigerias-economic-reforms","name":"Moghalu criticizes implementation of Nigeria\u2019s economic reforms - Nigeria","isPartOf":{"@id":"https:\/\/www.africa-press.net\/nigeria\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.africa-press.net\/nigeria\/policy\/moghalu-criticizes-implementation-of-nigerias-economic-reforms#primaryimage"},"image":{"@id":"https:\/\/www.africa-press.net\/nigeria\/policy\/moghalu-criticizes-implementation-of-nigerias-economic-reforms#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/06\/sm_1719651217.107824.jpg","datePublished":"2024-06-29T11:18:12+00:00","dateModified":"2024-06-29T12:28:23+00:00","author":{"@id":"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"description":"Kingsley Moghalu, a former deputy governor of the Central Bank of Nigeria (CBN), on Friday, cast doubt on the effectiven ...","breadcrumb":{"@id":"https:\/\/www.africa-press.net\/nigeria\/policy\/moghalu-criticizes-implementation-of-nigerias-economic-reforms#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.africa-press.net\/nigeria\/policy\/moghalu-criticizes-implementation-of-nigerias-economic-reforms"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/nigeria\/policy\/moghalu-criticizes-implementation-of-nigerias-economic-reforms#primaryimage","url":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/06\/sm_1719651217.107824.jpg","contentUrl":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/06\/sm_1719651217.107824.jpg","width":1000,"height":600,"caption":"Moghalu criticizes implementation of Nigeria\u2019s economic reforms"},{"@type":"BreadcrumbList","@id":"https:\/\/www.africa-press.net\/nigeria\/policy\/moghalu-criticizes-implementation-of-nigerias-economic-reforms#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.africa-press.net\/nigeria\/"},{"@type":"ListItem","position":2,"name":"Moghalu criticizes implementation of Nigeria\u2019s economic reforms"}]},{"@type":"WebSite","@id":"https:\/\/www.africa-press.net\/nigeria\/#website","url":"https:\/\/www.africa-press.net\/nigeria\/","name":"Africa Press | Nigeria | Homepage","description":"Just another Africa News Agency Sites site","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.africa-press.net\/nigeria\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb","name":"cfeditoren","url":"https:\/\/www.africa-press.net\/nigeria\/author\/cfeditoren"}]}},"_links":{"self":[{"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/posts\/122540","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/users\/84"}],"replies":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/comments?post=122540"}],"version-history":[{"count":0,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/posts\/122540\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/media\/122539"}],"wp:attachment":[{"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/media?parent=122540"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/categories?post=122540"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/tags?post=122540"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}