The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) have rejected the Federal Government’s plan to sell its stakes in Joint Venture (JV) oil assets and amend the Petroleum Industry Act (PIA).

At a joint news conference in Abuja on Tuesday, PENGASSAN President Festus Osifo warned that the policies could destabilise the Nigerian National Petroleum Company Ltd. (NNPC Ltd.) and jeopardise the economy.

“The oil assets belong to the federation, not just the Federal Government. Selling them is mortgaging Nigeria’s future,” he said, stressing that such moves would weaken the naira, reduce foreign exchange earnings, and endanger jobs.

NUPENG President Williams Akporeha said the planned sales betrayed earlier promises that subsidy removal would free resources for infrastructure and security. “Now the little assets the country still has, they also want to sell them. This is not in the interest of Nigerians,” he said.

Both leaders condemned attempts to alter the PIA by transferring ownership of NNPC Ltd. from the Ministry of Petroleum to the Ministry of Finance, describing it as an aberration.

They urged President Bola Tinubu to intervene, arguing that government should focus on boosting crude production rather than pursuing “quick wins” that endanger Nigeria’s future.