TUC President, Festus Osifo
Two major oil workers’ unions—the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN)—have fiercely rejected the Federal Government’s move to divest its interests in Joint Venture (JV) oil assets.
Speaking during a joint press briefing in Abuja on Tuesday, PENGASSAN President Festus Osifo criticized the planned sale, warning that it could have far-reaching consequences for Nigeria’s economy and energy future.
> “These assets don’t belong to the federal government alone—they belong to all Nigerians,” Osifo declared. “Selling them off for short-term gains is like selling your inheritance for a plate of porridge.”
Osifo explained that the Nigerian National Petroleum Company Limited (NNPC Ltd.) currently holds between 55% and 60% stakes in these JV arrangements on behalf of the federation. According to him, any attempt to privatize them would not only weaken the naira and deepen fiscal deficits but also jeopardize the livelihoods of thousands of oil workers.
> “Quick cash today means a crippled oil sector tomorrow. We’re mortgaging Nigeria’s future,” he added emphatically. “We say no—absolutely not—to this plan.”
The unions also pushed back against proposed amendments to the Petroleum Industry Act (PIA), particularly the idea of transferring NNPC Ltd.’s ownership from the Ministry of Petroleum to the Ministry of Finance.
> “That’s a structural anomaly,” Osifo warned. “Globally, national oil companies are supervised by petroleum ministries—not finance ministries. We will resist any attempt to distort this industry.”
He advised the Federal Government to instead focus on increasing crude oil production, suggesting that with the right investment climate, Nigeria could ramp up output from the current 1.7 million barrels per day to over 3 million.
> “Rather than selling assets, the government should work to attract investors, boost production, and stabilize the sector,” he said.
NUPENG President Williams Akporeha also criticized the asset sale and policy shifts, calling on the government to pause and rethink its economic strategies.
> “When subsidy was removed, we were told it would free up funds for infrastructure and security. We supported that. But now—with increased revenue—why sell off the little we have left?” he asked.
Akporeha lamented that despite promises, the expected improvements in public infrastructure and safety have not materialized.
> “Instead of seeing progress, we’re now hearing about more asset sales. That’s not what Nigerians signed up for,” he said.
On the PIA amendment, Akporeha argued that the law has barely had time to take full effect and should be given room to operate before any alterations are made.
> “Investors need policy stability. Tinkering with the PIA so soon sends the wrong signal and weakens confidence in Nigeria’s oil sector,” he stressed.
He further cautioned that the proposed changes appear aimed at diluting the powers of NNPC Ltd., which he described as the country’s only mechanism for protecting national oil interests.
> “Other oil-producing nations are strengthening their national oil companies. Why is Nigeria trying to weaken its own?” he queried.
Both union leaders urged President Bola Tinubu to intervene and halt the proposed asset sales and policy amendments, warning that Nigeria cannot afford to gamble with its most vital source of revenue.
> “The government must leave our oil assets alone,” Osifo concluded. “This is not just about today—it’s about safeguarding the future of generations yet unborn.”
