The Nigerian government’s plan to sell its stakes in joint‑venture oil assets has drawn strong opposition from the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN). Both unions have also condemned proposed amendments to the Petroleum Industry Act (PIA).
PENGASSAN President Festus Osifo warned that these policies would destabilise the Nigerian National Petroleum Company Limited (NNPCL) and jeopardise the economy. He described the planned sale of government stakes—currently between 55 % and 60 % and managed by the NNPC on behalf of the federation—as “mortgaging Nigeria’s future” and crippling the oil industry. According to Osifo, divesting these assets would undermine foreign‑exchange earnings, weaken the naira and push the nation into budget deficits, while also endangering the welfare of oil workers, who form the largest workforce in the NNPC.
Osifo also criticised the proposed PIA amendments that would remove the Ministry of Petroleum from the NNPC’s ownership structure and transfer control to the Ministry of Finance. He argued that, instead of pursuing such changes, the government should concentrate on boosting crude‑oil production. With the right investment climate, output could rise from the current 1.7 million barrels per day to over 3 million barrels.
Emphasising the need for a stable investment environment, Osifo urged President Bola Tinubu to intervene and ensure that relevant ministries and agencies are held accountable. He stressed that, as the oil sector remains Nigeria’s main source of revenue, the country cannot afford to gamble with its economic future.
The opposition from NUPENG and PENGASSAN underscores the importance of careful consideration and consultation in policymaking, especially for critical sectors like oil. As the government weighs its options, prioritising the long‑term interests of the nation and its people is essential.
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