sooly on Nostr: 🇳🇬NIGERIA’S ECONOMY IS COLLAPSING—AND THE GOVERNMENT’S “FIX” IS A ...

🇳🇬NIGERIA’S ECONOMY IS COLLAPSING—AND THE GOVERNMENT’S “FIX” IS A TOTAL SCAM

Nigeria’s #naira is collapsing, inflation has hit 26.7%, and food prices have surged 72.8% in just one year. The cause? Reckless money printing.

Yet, instead of stopping the destruction, the government is pushing a tax reform scam—pretending higher VAT and new levies will fix the mess they created.

Here’s the Brutal #Nostr Truth:

1️⃣ Inflation is a Monetary Disease—Not a Tax Problem
Nigeria’s central bank printed ₦7 trillion in 2024 alone—more than double the previous administration’s rate. This isn’t bad luck; it’s government-induced currency debasement. More money chasing the same goods = skyrocketing prices.

2️⃣ The Tax Plan is Full of Contradictions
• VAT hikes (from 7.5% to 15%) supposedly fix inflation, yet tax revenue is projected to fall by 30-40% in some regions. How does that add up?
• New transaction levies hit informal workers hardest—while the government claims it’s “helping the poor.”

3️⃣ It’s a Political Power Struggle, Not an Economic Fix
• Lagos generates 55% of Nigeria’s VAT but gets back only 15%. The reforms pit productive states against those relying on handouts.
• The federal government wants more control over tax collection—just as it debases the naira at record speed.

The Real Fix? Sound Money, Not More Taxes

Nigeria doesn’t need a new tax scheme. It needs:
✔ An end to deficit financing—stop printing worthless naira.
✔ A floating exchange rate—no more multiple rates creating arbitrage games.
✔ Cutting bureaucratic waste—60% of manufacturing costs stem from poor infrastructure, not taxes.

Hope on the Horizon: Pro-Bitcoin Legislation is Coming

There’s good news—inside sources confirm that pro-Bitcoin legislation is in the works. If Nigeria embraces Bitcoin as legal tender or removes barriers to adoption, it could break free from inflation and government-controlled money.

Bottom Line:

This isn’t reform. It’s a desperate cash grab to fund more inflation. But if #Nigeria moves toward #bitcoin and true economic freedom, it could finally escape this cycle of currency destruction.