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, warning that such a move would endanger Nigeria’s economy and future.
Speaking at a joint press briefing in Abuja on Tuesday, PENGASSAN President, Comrade Festus Osifo, said the planned divestment, along with the proposed amendment of the Petroleum Industry Act (PIA), would destabilise the Nigerian National Petroleum Company (NNPC) Limited and undermine national revenue.
Osifo argued that government’s focus should be on attracting investment and boosting crude production rather than pursuing “quick wins” that would mortgage the country’s future.
“The oil assets belong to the federation, not just the Federal Government. Selling them for quick cash will weaken the naira, undermine foreign exchange earnings, and plunge the nation into deeper deficits,” he said.
He further warned that stripping the Ministry of Petroleum from NNPC Ltd.’s ownership structure, as proposed under the PIA amendments, and transferring control solely to the Ministry of Finance would be “an aberration” that could erode investor confidence.
On his part, NUPENG President, Williams Akporeha, faulted government’s economic reform strategy, noting that subsidy removal had already boosted revenue inflows.
He questioned why the administration would still consider asset sales instead of addressing infrastructure and security challenges.
“They told us subsidy was draining funds, and we supported its removal.
“But with more money coming into the federation account, why sell the remaining assets? This move is not in the interest of Nigerians,” Akporeha said.
Both unions insisted that Nigeria could increase daily crude production from the current 1.7 million barrels to over 3 million with the right policies, urging President Bola Tinubu to intervene and halt the planned asset sale and PIA amendments.
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