Wednesday, September 24, 2025 - The Nigeria Union of Petroleum and Natural Gas Workers, NUPENG, and the Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, have opposed the Federal Government’s plan to sell its stakes in Joint Venture, JV, oil assets.

This was as the two oil unions also condemned in strong, the proposed amendments to the Petroleum Industry Act, PIA.

PENGASSAN President, Mr Festus Osifo, made the position of the unions known at a world joint news conference on Tuesday in Abuja, saying that both policies would destabilise the Nigerian National Petroleum Company Limited, NNPCL, and put the economy at risk.

Osifo stated that the planned sale of government stakes in JV assets would mortgage Nigeria’s future and cripple its oil industry.

“The oil assets belong to the federation, not just the Federal Government, but to all Nigerians and any move to sell them amounts to mortgaging Nigeria’s future.

“The government currently holds between 55 and 60 per cent stakes in JV assets managed in NNPC Ltd. on behalf of the federation.

“Selling these assets for quick cash will undermine our foreign exchange earnings, weaken the Naira and plunge the nation into budget deficits,” he said.

According to him, such sales would put the welfare of oil workers at risk, stressing that NUPENG and PENGASSAN constitute the largest workforce in NNPC Ltd.

The PENGASSAN boss further said that if unchecked, it will weaken NNPC, bankrupt the country and endanger generations yet unborn and we say no, no, no to this plan.

Weighing in on the PIA, Osifo faulted the move to remove the Ministry of Petroleum from NNPC Ltd.’s ownership structure and handover control solely to the Ministry of Finance.

He urged the federal government to instead focus on boosting crude oil production, which could be increased from 1.7 million barrels per day to more than 3 million barrels with the right investment climate.

He added that all governments should be focused on how to attract investors and improve production, not quick wins that endanger tomorrow.

He, therefore, urged President Bola Tinubu to intervene and call relevant ministries and agencies to order, stressing that Nigeria could not afford to gamble with its main source of revenue.