Nigerian Oil Unions Oppose Asset Sale

Two influential Nigerian oil unions have come out against the Nigerian government’s reported plan to sell a significant portion of its shares in joint venture assets managed by the Nigerian National Petroleum Company Limited (NNPCL).

The unions, Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), have warned that reducing the government’s stake by as much as 35% would harm the economy and jeopardise workers’ welfare.

During a press briefing in Abuja, union leaders Festus Osifo and Williams Akporeha argued that the proposed sale would provide only a short-term financial gain at the expense of Nigeria’s long-term economic security.

They stated that the move could bankrupt the NNPCL and reduce its ability to contribute to the national budget.

The unions’ opposition adds to the growing tension over President Bola Tinubu’s economic reform agenda.

While the administration is seeking ways to increase revenue, the unions insist that selling off critical national assets is a dangerous step that will weaken the country’s economic foundation.

Both PENGASSAN and NUPENG have urged President Tinubu to personally intervene and halt the divestment plan.