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The effect of COVID-19 on the world economy led to a reduced demand for crude oil, which in turn affected the foreign exchange (Forex) earnings of the Nigerian government. As there is virtually no Foreign Direct Investment (FDI) into Nigeria, the government started looking for other sources of foreign exchange.

Every Nigerian administration, particularly the Buhari administration, is quick in announcing policy directives without analyzing the impact the new policy would have on the citizens and the economy. During Jonathan’s administration, all mobile networks in Nigeria were mandated to register their SIM card subscribers on their database.