Labour unions have rejected an alleged plan by the Federal Government to sell part of its stakes in Joint Venture oil and gas assets. The opposition follows President Bola Tinubu’s directive for a reassessment of deductions under the Petroleum Industry Act, including the Nigerian National Petroleum Company Limited’s 30 percent management fee and 30 percent frontier exploration funding.
Speaking at a joint news conference in Abuja, the presidents of PENGASSAN, Festus Osifo, and NUPENG, Williams Akporeha, warned that cutting government stakes by 30 to 35 percent would weaken the oil sector, deplete the naira defence, and leave the NNPCL unable to meet obligations such as salaries and welfare.
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They accused the Ministry of Finance of attempting to edge out the Ministry of Petroleum from joint ownership of NNPCL, warning that proposed amendments to the Petroleum Industry Act would damage investor confidence.
Both unions vowed to resist any attempt to sell government stakes in the ventures or amend the Act.
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