Anti-government demonstrations have surrounded the competition, with many Brazilians angry at the spiralling costs of hosting the championships set against the need for investment in basic public services.
Romario, who was elected to the Brazilian Chamber of Deputies in the 2010 elections as a Socialist Party representative, has been a staunch critic of the administration behind the World Cup and continues to denounce the alleged corruption around the event.
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"I had pointed out two things: Brazil had conditions not only to host the World Cup but also to organise the greatest one. I remain attached to the first idea but, soon after we got the hosting rights, I gave up the second one due to the different issues.
"Things didn't happen the way they should have. We've had problems, a lot not seen by the public or international media and the tournament isn't going to be the best of all time. I don't want to make things bad but we need to have a post-tournament inquest.
"You saw the Confederations Cup protests last year, which showed the problems in Brazilian society, but now, with the success of the World Cup, all these problems, the excessive spending and corruption has been pushed to the background."
Romario, a World Cup winner in 1994, insists that he is still a football supporter and is desperate to see the Selecao lift the trophy despite a tricky semi-final with Germany, whom he formerly branded favourites.
"I stick to what I said last year," he added when asked whether he still believed that Joachim Low's men would win the cup.
"But I want Brazil to beat the Germans, who are a very tough team, in the semi-finals and go on to lift the trophy again. It is an incredible feeling. It has become that much more difficult without Thiago Silva and Neymar.
"This Brazilian team isn't as great as those in the past but still they have it in them to lift the title at home."