The chief executive of Financial Derivative, Bismarck Rewane, has said that Atiku Abubakar, the presidential candidate of the Peoples Democratic Party (PDP), must tell Nigerians, who he is planning to sell the Nigerian National Petroleum Corporation (NNPC) to.
You will recall that Atiku released its policy document on Monday, November 19, 2018 and highlights of the document include partial privatisation of the NNPC.
Speaking on the privatization of the NNPC on the document, Rewane said the idea is a noble one, but Atiku must tell Nigerians who he plans to sell to, else he may plunge the country into chronic capitalism.
In his reaction to a question by Boason Omofaye, Channels TV business editor, he said:
“I agree that he (Atiku) should privatise, but selling to who?
“You must not just say you are going to sell, you must tell us how, and to who?
“If you are going to have a voucher system like they have in India, where everybody in the public will have a voucher, then you can sell it.
“It becomes rather than government owned, it becomes Nigerian privately-owned, and part of it you want to internationalise like what Saudi Arabia is doing.
“But you see, it is a noble idea, but it stops short of the specifics, tell us who and who, and how you are going to ensure that it is not sold to your own cronies.
“One of the big risks of privatisation is the Russian model, where you have chronic capitalism. If you have businessmen, who are in government like Donald Trump, you want to make sure that both the government and the people are protected from conflicts of interest”.
Speaking on President Muhammadu Buhari’s next level plans, he said that he likes the fact that the President Buhari’s administration wants to take Nigeria to the next level, and that policy documents are out more than 100 days before elections.
According to him, he likes what the president is saying about his plans, but the presidential candidates need to debate.
He said the biggest problem he sees in the next level document is that it has not come out to say ‘we would sell those refineries’, remove subsidies, so we have a free market economy.
Rewane said that there is nothing wrong with having a billionaire or a poor man in the office of the president that what Nigeria needs is a leader with a vision, leaders who can deal with structural rigidity.
He went further to highlight that neither the Atiku nor the President Buhari programme speaks on how to increase Nigeria’s labour productivity, considering the population growth.
According to him, President Buhari, Atiku have shown us “the what” and left out “the how”.
He noted that both President Buhari and Atiku must deal with labour productivity, inflation, current recessionary gap, unemployment, and Nigeria’s excruciating debt service burden.