PIA Under Threat? Nigerians Mobilise Against FG’s Alleged Plan to Sell Oil Assets
- The plan by the Nigerian government to sell critical oil assets has received pushback from Nigerians
- The National Rebirth Movement (NRM) has decried the planned sale of the assets by the government, labelling it as asset stripping
- The group disclosed that Nigerians will resist the move, kicking against the amendment of the Petroleum Industry Act (PIA)
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Pascal Oparada, a reporter for Legit.ng, has over ten years of experience covering technology, energy, stocks, investment, and the economy.
The National Rebirth Movement (NRM) has vowed to mobilise Nigerians for nationwide protests against what it described as a dangerous attempt by the federal government to amend the Petroleum Industry Act (PIA) and pave the way for the sale of critical national oil assets.
In a strongly worded statement issued in Kaduna on Monday, NRM President, Comrade James Jonah Gbudu, accused the Minister of Finance, Wale Edun, of spearheading the move.
Source: Getty Images
“Protecting the PIA is protecting Nigeria’s future”
He claimed the proposed amendments would strip the Nigerian National Petroleum Company Limited (NNPCL) of its backbone and hand over the country’s oil wealth to political cronies.
Signed into law in 2021 after two decades of delay, the Petroleum Industry Act was hailed as a landmark reform.
Gbudu described it as one of the few frameworks capable of ensuring transparency, accountability, and efficiency in the sector.
“It is barely four years since the PIA came into effect, and instead of strengthening it, this government wants to dismantle its safeguards,” he said.
“Our national oil company, which should be a source of pride and revenue for all Nigerians, is being targeted for stripping under the guise of reforms.”
The NRM leader suggested President Bola Tinubu may not be fully aware of the implications of the amendments. He urged Nigerians to remain vigilant to prevent the “auctioning of their future.”
Lessons from failed privatisations
Recalling past privatisation efforts, Gbudu said Nigeria had already suffered bitter consequences when strategic assets were sold.
He pointed to the sale of NEPA, which failed to deliver electricity stability, and the neglect of local refineries, which left Nigeria dependent on costly fuel imports.
“The Obasanjo/Atiku era taught us bitter lessons. NEPA was sold, yet Nigerians are still in darkness. Refineries were left comatose while billions are spent on fuel imports. We will not allow another cycle of deception,” he declared.
According to him, repeating such a pattern in the oil sector would worsen poverty and unemployment while enriching a select few.
Call for transparency, not asset stripping
Instead of dismantling the PIA, the NRM urged the federal government to strengthen transparency and accountability within the NNPCL.
Nationwide protest looms
The group said it has begun consultations with civil society organisations, labour unions, student bodies, and community leaders to resist the proposed amendments.
Source: Facebook
With tensions rising, all eyes are now on the federal government to clarify its position on the PIA amendments and reassure Nigerians that national assets will not be sold off under questionable circumstances.
Fuel prices may skyrocket as PENGASSAN downs tools
Legit.ng earlier reported that Nigerians woke up on Monday to the grim reality of a nationwide strike declared by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN).
The action threatens to unleash a double crisis: rising fuel prices and widespread power outages.
The union ordered members across oil, gas, and energy companies to down tools following the dismissal of over 800 workers at the Dangote Petroleum Refinery.
Source: Legit.ng
