The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) have rejected the Federal Government’s plan to sell its stakes in Joint Venture (JV) oil assets.
PENGASSAN President, Festus Osifo, stated that the planned sale would mortgage Nigeria’s future and cripple its oil industry.
“The oil assets belong to the federation, not just the Federal Government, but to all Nigerians, and any move to sell them amounts to mortgaging Nigeria’s future,” Osifo said. He emphasized that government stakes in JV assets, currently between 55 and 60 percent, should not be sold for quick cash, as it would undermine foreign exchange earnings, weaken the Naira, and plunge the nation into budget deficits.
Osifo also faulted the proposed amendments to the Petroleum Industry Act (PIA), particularly the move to remove the Ministry of Petroleum from NNPC Ltd.’s ownership structure and hand over control solely to the Ministry of Finance. “This is an aberration. Everywhere in the world, national oil companies operate under petroleum ministries. We will resist any attempt to alter this structure,” he said.
NUPENG President, Williams Akporeha, shared similar sentiments, urging the government to rethink its approach to economic reforms and stop considering asset sales. “They told us subsidy was draining funds. We supported its removal in the hope of better infrastructure and security. Now, with more revenue, why sell our remaining assets?” Akporeha questioned.
The unions called on President Bola Tinubu to intervene and stop the planned sale, emphasizing that Nigeria cannot afford to gamble with its main source of revenue. “The government must leave our assets alone and focus on boosting crude production, not quick cash that endangers Nigeria’s future,” Osifo urged.
Akporeha described the proposed amendment to the PIA as premature and damaging to investor confidence in Nigeria’s oil sector. “It is too early to amend the PIA. Investors need stability, not sudden changes. Government must allow the law to work before making adjustments,” he said.