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 and amend the Petroleum Industry Act (PIA).
At a joint world press conference in Abuja on Tuesday, PENGASSAN President, Festus Osifo, warned that both policies would destabilise the Nigerian National Petroleum Company Limited (NNPC Ltd.) and threaten the economy.
Osifo said the proposed sale of government stakes in JV assets—currently between 55 and 60 per cent—would mortgage Nigeria’s future, cripple its oil industry and erode national revenues.
“The oil assets belong to the federation, not just the Federal Government. Selling them for quick cash will undermine foreign exchange earnings, weaken the naira and plunge the nation into budget deficits,” he said.
He stressed that the move would also endanger the welfare of oil workers, adding that NUPENG and PENGASSAN represent the largest workforce in NNPC Ltd.
On the PIA, Osifo faulted the proposed removal of the Ministry of Petroleum from NNPC Ltd.’s ownership structure and the handover of 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.
Instead, he urged government to focus on boosting crude oil production, which he said could rise from 1.7 million barrels per day to over 3 million with the right investment climate.
NUPENG President, Williams Akporeha, also opposed the plan, urging the Tinubu administration to reconsider its reform strategy.
“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?” he asked.
Akporeha said subsidy removal had already increased federation revenues, but lamented that little progress had been made on infrastructure and security. He also described the PIA amendment as premature and damaging to investor confidence.
“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.
Both unions maintained that the proposed reforms were aimed at weakening NNPC Ltd., stressing that every oil-producing nation safeguards its national oil company.
“Why should Nigeria strip NNPC of that role?” Akporeha queried.
