Kingsley Moghalu, former Deputy Governor of the Central Bank of Nigeria (CBN), has expressed strong reservations about President Bola Tinubu’s approach to addressing the nation’s economic challenges.

Moghalu emphasized that without a new constitution, President Tinubu’s efforts to reform Nigeria’s economy would be in vain.

In a statement posted on his X handle on Monday, Moghalu criticized President Tinubu’s response to The Patriots, a group led by former Commonwealth Secretary-General Chief Emeka Anyaoku. The group had urged the president to prioritize drafting a new constitution that addresses the underlying economic issues of the country. However, Tinubu indicated that his immediate focus was on economic reforms, with the potential for future consideration of the group’s recommendations.

Moghalu, who is also the President of the Institute for Governance and Economic Transformation Africa, argued that the current 1999 Constitution (as amended) lacks the necessary framework to foster economic growth, particularly because it does not support true fiscal federalism. According to him, only a new constitution that embraces real federalism and possibly a regional structure of 6-12 regions can address Nigeria’s economic woes.

“I respectfully disagree with President Bola Tinubu’s response… What Nigeria’s leaders fail to understand is that it will be extremely difficult, if not impossible, to bring a fundamental fix to Nigeria’s economy in the absence of a new constitution that is anchored on real federalism,” Moghalu stated.

He further explained that Nigeria is yet to achieve true nationhood, citing a lack of unity of purpose and a shared vision as critical obstacles to economic transformation. Moghalu argued that the current natural resource-driven and unproductive economy persists because political leaders are more interested in capturing state power for economic rents rather than harnessing Nigeria’s diverse potential for development.

“The longer this matter is delayed… the more we will continue to struggle,” Moghalu warned, adding that a genuine transformation of Nigeria’s economy requires addressing the root causes of its political and economic structure.