By Obinna Uballa
Fresh controversy has trailed the Federal Government’s reported plan to divest significant equity in major Joint Ventures (JVs) in the oil and gas sector, as former Vice President Atiku Abubakar and the Presidency clashed over the implications of the move.
The development has also drawn reactions from the Peoples Democratic Party (PDP) and industry analysts, who warned against hasty decisions that could weaken Nigeria’s grip on its energy resources.
Atiku, in a statement issued through his media aide, Paul Ibe, described the alleged plan to reduce the Federation’s stakes in JVs such as Renaissance JV, Oando JV and Seplat Energy JV as “disconcerting.” He argued that if not handled transparently, the divestment could “erode public trust, destabilise the sector, and compromise our energy security.”
The former Vice President, who also criticised proposed amendments to the Petroleum Industry Act (PIA), stressing that while he supports liberalisation and privatisation of struggling state enterprises, such reforms must prioritise national interest and long-term strategic value. “We must resist the temptation to pursue short-term gains at the expense of Nigeria’s national interest and long-term stability,” Atiku warned.
The New Diplomat had reported that President Tinubu approved proposed amendments to the Petroleum Industry Act (PIA) 2021, transferring
concessionaire powers away from the Nigerian National Petroleum Company Limited (NNPCL) to the Upstream regulatory body, NUPRC.
But the Presidency dismissed Atiku’s claims as “grossly misleading.” In a statement by presidential spokesperson Bayo Onanuga, it accused Atiku of being out of touch with current realities. It stated that new National Bureau of Statistics (NBS) data show inflation has declined for five straight months, foreign reserves were climbing towards $42 billion, and states were receiving unprecedented revenues to fund social and capital projects.
“The Petroleum Industry Act was enacted to bring clarity, accountability and investor confidence to a sector long plagued by opacity,” Onanuga said. “Nigeria is moving in the right direction. Atiku and his allies remain stuck in the past, fixated on doomsday scenarios.”
The PDP, however, threw its weight behind Atiku, berating the All Progressives Congress (APC)-led government for what it called “a voodoo economy without direction.” Addressing journalists in Abuja, PDP National Publicity Secretary, Debo Ologunagba, said the proposed divestment showed that the government was more concerned with revenue targets than with the welfare of citizens.
“If Tinubu has performed, he would allow his work to speak for him,” Ologunagba said. “Instead, we see panic endorsements, anti-people policies such as this divestment and the planned fuel tax, which will only worsen the suffering of Nigerians.”
Atiku further linked the reported divestment to rising hunger and insecurity in the country, warning that unchecked economic hardship could fuel unrest similar to the French Revolution, the Bolshevik uprising, the Arab Spring, and even the #EndSARS protests. “Two years into this administration, there are still no manifest signs that the government can address the severe hunger facing the poor,” he lamented.
But the Presidency countered that Tinubu’s reforms were correcting years of economic mismanagement. “After just two years and five months in office, we are proud of the progress being made under President Tinubu’s leadership,” Onanuga said.
