The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) have strongly opposed the Federal Government’s plan to sell its stakes in Joint Venture (JV) oil assets.
The unions also condemned proposed amendments to the Petroleum Industry Act (PIA), warning that both policies could destabilise the Nigerian National Petroleum Company Ltd. (NNPC Ltd.) and threaten the nation’s economy.
PENGASSAN President, Festus Osifo, said at a joint news conference in Abuja that the proposed sale would “mortgage Nigeria’s future” and cripple the oil sector.
“The oil assets belong to the federation, not just the Federal Government, but to all Nigerians. Selling them for quick cash will undermine foreign exchange earnings, weaken the naira, and plunge the nation into budget deficits,” he stated.
Osifo further warned that such sales would endanger the welfare of oil workers, who constitute the largest workforce in NNPC Ltd., and could bankrupt the country if allowed to proceed.
He also opposed the PIA amendments, which aim to remove the Ministry of Petroleum from NNPC Ltd.’s ownership structure, describing the move as “an aberration” that could weaken national oversight.
NUPENG President, Williams Akporeha, urged the government to rethink its approach to economic reforms.
He noted that the recent removal of fuel subsidies had already increased revenue for the federation, questioning the need to sell remaining assets.
“Investors need stability, not sudden changes. The proposed amendments are premature and could harm investor confidence in Nigeria’s oil sector,” he said.
Both unions called on President Bola Tinubu to intervene, insisting that the government should focus on boosting crude oil production rather than seeking short-term revenue through asset sales.
Osifo emphasized that Nigeria could increase production from 1.7 million barrels per day to over 3 million barrels with the right investment climate.
“The government must leave our assets alone and focus on boosting crude production, not quick cash that endangers Nigeria’s future,” Osifo said.
