A Messy Government.
It is no longer news that Nigeria is presently in chaos. One thing that I have observed is that every new administration is always worse than the previous. This has led people to the general saying that they miss the previous administration despite the previous administration showing all matter of incompetency in all areas of Government.
Nigeria is becoming a failed state. Generally speaking the saying that they are the giant of Africa as it stands now is just a matter of population and nothing else. In the time of the previous administration $1 is equivalent to a maximum of NGN770 whereas in this present administration the USD rose to as high as NGN2,000 in the first quarter of 2024. This coupled with the removal of subsidy has been a reason for the High Inflation in the country.
The situation has become worse that no matter what you earn in the local currency, no family can afford three squared meal. Inflation is a healthy thing if the rise is not high within a short period of time.
An administration that has no idea of how to boast economy decided to ban crypto currency. With the impression that the fall of the Naira to the US dollar was due to the digital currency. They refused to ask themselves valid question like:
What are the we producing?
What are we exporting?
What is the Central Bank doing to contain inflation?
What is the government doing to handle fraud in government?
It is very much obvious that the government do not know what they are doing.