The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) have rejected the Federal Government’s plan to sell its stakes in Joint Venture (JV) oil assets.
The unions also faulted proposed amendments to the Petroleum Industry Act (PIA), warning that both measures would weaken the Nigerian National Petroleum Company Limited (NNPC Ltd.) and put the economy at risk.
Speaking at a joint press conference in Abuja on Tuesday, PENGASSAN President, Festus Osifo, said the planned asset sales would “mortgage Nigeria’s future” and reduce foreign exchange earnings.
“Government currently holds between 55 and 60 per cent stakes in JV assets managed by NNPC Ltd. on behalf of the federation. Selling them for quick cash will weaken the naira, create deficits, and endanger generations yet unborn,” Osifo said.
He also condemned plans to transfer NNPC Ltd.’s ownership from the Ministry of Petroleum to the Ministry of Finance, describing it as “an aberration.”
NUPENG President, Williams Akporeha, added that subsidy removal had already boosted revenues, making asset sales unnecessary. He urged government to instead channel resources toward infrastructure, security, and crude oil production.
Both unions called on President Bola Tinubu to intervene and halt the proposals, stressing that stability, not sudden reforms, was needed to restore confidence in Nigeria’s oil sector
