Many of us thinks the rise of inflation and the weakness of the naira currency is because of the new government we have in the country. Before now a state governor was complaining about how the past government was printing of money, and many people thought it was just propaganda which they took it very lightly. The hardships and the high inflation rate we are seeing today is as a result of printing money that has been taking place longtime ago.
The cause of the inflation is nothing but as a result of printing money that is naira is losing value constantly everyday. The economy has never been bad like this, we are facing the consequences of wrong economy doings.
Op I do not really agree with you, since the naira redesign cash has been scarce like never before. I do not think is because of the naira printing. To me I have seen it in two areas that our government has caused:
.1 failure to revamp the refineries: if the refineries are functional and we are able to export. I think the cost of petrol which has caused untold hardship will drop and our GDP will witness growth since we can buy without the dollar rate and employment has been created for the teeming youths.
2. Import duties: I live close to A PORT AUTHORITY (ONNE PORTS AUTHORITY). A trunk driver told me the Nigerian customs charge per container the sum of #10m. Ask yourself this question, where are those funds going, when they can make 1bn per day yet nothing seem to work in the economy. Now if you are the importer, how much can you sell those goods you paid #10m for, of a truth the goods will be so expensive. Assuming I have the poweror in government these are the areas I would have tackle first.
The removal of the fuel subsidy was the origin of all the problem we are facing in this country. The president made a big mistake by announcing the removal of fuel subsidy without having a proper planning on how the country would cushion the aftermath of the subsidy removal. Things were not this though when fuel subsidy was still in place. If the government can quickly fix the issue of high cost of transportation, things will go back to normal in our economy.