The election last year of Muhammadu Buhari as president of Nigeria was rightly hailed as a positive for the continent’s biggest economy. Not only did his victory mark the first time that an opposition candidate had overturned an incumbent since Nigerian independence. Mr Buhari also came to office with credible promises to crack down on corruption and to rule in the interests of all Nigerians, not just an elite. Eight months on, his administration has begun to tackle rampant theft in the oil industry, tighten revenue collection and take on a dangerous insurgency in the north of the country.
Such moves are to be welcomed. When it comes to economic strategy, however, particularly the conduct of exchange-rate policy, things are less encouraging. True, Mr Buhari’s administration was dealt the worst of all possible hands. The price of oil, on which Nigeria is woefully dependent, has plummeted. The previous administration spent more effort on siphoning off money during the good years than in preparing Nigeria for the rainy days that are now upon it. That has left it short of firepower in terms of reserves and budgetary flexibility.

The situation is unsustainable. Foreigners have withdrawn money and significant new inflows are unlikely until investors are convinced the naira has found a realistic level. Mr Buhari is leery of market solutions, believing that a devaluation would damage the poor by fuelling inflation. But in resisting a more market-driven exchange rate, he risks forcing the economy into a deep recession that is likely to harm ordinary people even more.
Mr Buhari is sceptical of the view that a weaker naira can stimulate manufacturing. Nigeria, he says, even imports toothpicks. Yet allowing the exchange rate to find a more natural level is the beginning of a solution. Instead of blocking imports through unworkable restrictions on access to foreign currency, higher prices in devalued naira terms would encourage Nigerians to buy locally manufactured goods.
For too long Nigeria has relied on oil revenues. That has produced a distorted economy with entrepreneurs who are better at gaming the system than at figuring out how to make things that Nigerians want to buy. Certainly, an ordered devaluation will be tricky to pull off. But it is the only way out of the current bind. And if it catalyses a long-delayed diversification of the economy, the curse of low oil prices could turn out to be a blessing in disguise.

http://www.ft.com/cms/s/0/95c52ff0-d892-11e5-98fd-06d75973fe09.html#axzz40uvR6yx9

As far as I know Financial Times isn't a political party in Nigeria, as a matter of fact it isn't a Nigerian publication yet there's a part of it that blames the past administration. Blaming the past administration for what Nigeria is going through today is just stating the fact so that by mistake we don't find ourselves back where we had to claw our way out of.

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