A major problem was how to plan for the societies to be confronted with the vast increases in material wealth and leisure. The national priorities shifted rapidly as Nigerians embrace the increased material wealth with poor planning and abundant waste. The cost of running the government enlarged bureaucracy and social programme increased tremendously as money realized from the oil boom was squandered with impurity.
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On June 20, it unpegged its currency, the naira, from the US dollar and promised to pursue a flexible exchange-rate system.
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