I have a rather basic mis-understanding about Lie groups and Lie algebras. Consider the Lie group $SO(N)$ for $N>3$ of rotations on $\mathbb{R}^N$. On the one hand this Lie group has dimension $N(N-1)/2$, since every $SO(N)$ element can be parametrized as $e^{X}$, where $X$ is an anti-symmetric matrix with $N(N-1)/2$ free parameters.
On the other hand, $\mathbb{R}^N$ has $N$ cardinal axes. Can I not express every rotation in $\mathbb{R}^N$ as products of rotations about the axes, implying that $SO(N)$ has dimension $N$? Where do the additional degrees of freedom come from? A follow up related question is: each Lie algebra generator $X(i,j)$, for $1 \leq i < j \leq N$ generates a one-parameter group of rotations $O(\theta) = e^{\theta X_{ij}}$. Is there a simple geometric explanation for which axis this rotation is about?