The Federal Government’s decision to pursue a sale of national assets as a way out of our economic crisis has generated a national debate like no other.
Take the example of the senator representing Oyo South, Rilwan Akanbi. He was reported by Premium Times of being vehemently against the sale of assets and explained why in the most anti-capitalist form you can ever imagine. Here is what he said.
“The assets will end up with the capitalists who actually don’t have the resources. They will then run to banks to take deposits of ordinary Nigerians to buy assets which originally belong to them, the ordinary Nigerians. So what you have eventually is a situation where Nigerians are exploited through banks and also dispossesed of publicly owned assets.
“Apart from the economic dimension, national assets are instruments of unity in a country that is plural like ours. Yoruba, Ibo, Hausa, Ijaw and all other groups have the consciousness that national investments unite us and that gains or otherwise therefrom are nationally shared,”
Whilst it is true that capitalist often resort to borrowing to purchase assets (national or private), he forgot to mention that the reason why government has no business in business, is to because the private sector is more efficient at running a business. He also forgot that the quest for profit making also ensures that customers are better served and that state assets are run more efficiently. He also forgot that the assets could actually be sold to the public via a public offer.