Former Vice President Atiku Abubakar has expressed serious concerns over proposed amendments to the Petroleum Industry Act (PIA) and plans to divest significant equity in key oil and gas joint ventures, warning that such moves could undermine Nigeria’s sovereignty and energy security if not handled transparently.
In a detailed statement posted on X, Atiku emphasized the need for caution and accountability in any changes to the PIA, which was designed to bring clarity, accountability, and investor confidence to Nigeria’s oil sector.
“Any attempt to amend its core provisions must be approached with caution and broad stakeholder engagement,” he stated.
Atiku highlighted reported plans to reduce the Federation’s stakes in joint ventures such as RAEC JV, Oando JV, and Seplat Energy JV, cautioning that terms favoring “select insiders and foreign entities” could erode public trust and destabilize the sector.
He stressed that such divestments risk compromising Nigeria’s control over its strategic resources.
While a long-time advocate for liberalizing and revitalizing state-owned enterprises, including through privatization, Atiku insisted that these processes must prioritize transparency, competitive bidding, and public scrutiny to protect Nigeria’s economic future.
“The Federal Government must ensure that any privatization exercise is conducted with full transparency,” he urged, warning against pursuing short-term gains at the expense of national interest and long-term stability.
The statement has sparked discussions online, with many Nigerians weighing in on the implications of the proposed changes to the oil sector.
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