One of Nigeria’s top economists, Bismark Rewane has reacted to Presidential candidate of Peoples’ Democratic Party, PDP Atiku Abubakar’s plan to privatise the Nigeria National Petroleum Corporation, NNPC if elected president in 2019.

Rewane, who is the chief executive of Financial Derivative, says Atiku must tell Nigerians, who he is planning to sell the state-owned oil company to.

Rewane said the idea is noble but Atiku must tell Nigerians who he plans to sell to, else he may plunge the country into chronic capitalism.

“I agree that he (Atiku) should privatise, but selling to who?” Rewane said in his response to a question by Channels TV business editor, Boason Omofaye.

“You must not just say you are going to sell, you must tell us how, and to who?

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“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.”

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