The African Democratic Congress (ADC) has raised concerns over the Federal Government’s proposed amendments to the Petroleum Industry Act (PIA) and plans to sell the Nigerian National Petroleum Company Limited (NNPC Ltd)’s equity in high-performing joint ventures.
According to Mallam Bolaji Abdullahi, National Publicity Secretary of the ADC, this move could endanger Nigeria’s economic sovereignty and long-term stability.
Abdullahi stated that the proposals form part of a deliberate effort to hollow out NNPC Limited, dismantle institutional checks and balances, and pave the way for the fire-sale of Nigeria’s most valuable national assets to private, politically connected interests. “If we sell off our oil assets, we are not just parting with numbers on a balance sheet; we are surrendering the lifeblood of our economy and the backbone of our national sovereignty,” Abdullahi said.
The ADC fully supports the stance of the Nigerian Union of Petroleum and Natural Gas Workers (NUPENG) and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) in rejecting the proposed PIA amendments and planned sell-offs. Abdullahi urged civil society organizations, labour unions, and young Nigerians to resist the proposed amendments and sale of NNPC assets.
The party emphasized that stripping NNPC of its most profitable holdings would push it into debt, threaten thousands of jobs, and undermine revenues that fund essential public services like schools, hospitals, and roads. “By handing decisive control of these assets to private interests, the government weakens Nigeria’s ability to stabilize energy supply, respond to global oil shocks, or plan long-term energy strategies in the national interest,” Abdullahi warned.
The ADC’s concerns reflect broader worries about the potential impact of the proposed sale on Nigeria’s economy, energy security, and national sovereignty. As Nigeria marks its 65th independence anniversary, the party is calling for transparency and accountability in managing the country’s natural resources.
The party’s demands include rejecting any attempt to amend the PIA in ways that serve private or political interests and conducting a full and independent audit of all funds and processes tied to these refineries. “Civil society must stand firm. The National Assembly must reject any attempt to amend the Petroleum Industry Act in ways that serve private or political interests,” Abdullahi urged.