Two of Nigeria’s most influential oil sector unions have come out strongly against the Federal Government’s reported plans to divest significant stakes in joint venture (JV) assets managed by the Nigerian National Petroleum Company Limited (NNPCL).
At a joint press briefing in Abuja on Tuesday, the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) warned that the move could destabilise the economy, weaken the oil sector, and endanger the welfare of workers.
PENGASSAN President, Festus Osifo, and NUPENG President, Williams Akporeha, said they reject the proposal, which seeks to cut government stakes in JV assets by 30–35 percent. At present, the Federal Government holds between 55 and 60 percent of such assets through NNPCL.
The unions argued that while the planned sale may raise short-term revenue, it would be detrimental to Nigeria’s long-term economic security.
They cautioned that a reduction in government holdings could:
- Bankrupt NNPCL,
- Impair its ability to meet obligations such as salaries and welfare packages,
- Reduce its contributions to the national budget.
The unions called on the Federal Government to reconsider the plan, stressing that Nigeria’s energy stability and workers’ livelihoods must not be sacrificed for quick financial gains.
