Presidency, opposition trade words over FG’s planned divestment of equity in oil sector JVs

The Presidency and opposition leaders were on a collision course on Monday over the Federal Government’s alleged plan to divest significant equity in key Joint Ventures (JVs) in the oil and gas sector, with former Vice President Atiku Abubakar and the Peoples Democratic Party (PDP) warning that such moves could compromise national interest.

Atiku, in a statement issued by his media aide, Paul Ibe, described the reported divestment of stakes in ventures such as Renaissance JV, Oando JV and Seplat Energy JV as disconcerting, cautioning that the process, if not managed with transparency, could “erode public trust, destabilise the sector, and compromise our energy security.”

The former Vice President, who also faulted proposed amendments to the Petroleum Industry Act (PIA), stressed that while he has long advocated for liberalisation and privatisation of underperforming state enterprises, “efforts must be guided by national interest and long-term strategic value.”

He argued that the Tinubu administration was pursuing short-term gains at the expense of sovereignty. “The federal government must ensure that any privatisation exercise is conducted with full transparency, guided by competitive bidding, and subject to rigorous public scrutiny,” Atiku warned.

But the Presidency, in a swift response through its spokesperson, Bayo Onanuga, dismissed Atiku’s concerns as “grossly misleading,” insisting the former Vice President was out of touch with “the positive developments currently unfolding in our country.”

Citing fresh National Bureau of Statistics (NBS) data, the Presidency said inflation has declined for five consecutive months, foreign reserves are rising towards $42 billion, and the country posted a record trade surplus in August, with non-oil exports nearly matching crude oil at a 48:52 ratio. It added that states are now flush with revenues, paying salaries and executing projects “on a scale never seen before.”

“The Petroleum Industry Act was enacted to bring clarity, accountability, and investor confidence to a sector long plagued by opacity,” Onanuga said. “Any attempt to amend its core provisions must be approached with caution and broad stakeholder engagement. Nigeria is moving in the right direction. Atiku and his allies remain stuck in the past, fixated on doomsday scenarios.”

The PDP, however, backed Atiku’s concerns, berating the All Progressives Congress (APC)-led government for what it described as “a voodoo economy without direction.” Addressing journalists, PDP National Publicity Secretary, Debo Ologunagba, said the government’s economic policies have “taken the welfare of Nigerians for granted,” citing the proposed fuel tax as a fresh anti-people measure.

“The APC is panicking,” Ologunagba declared, pointing to preparations for the PDP’s national convention in Ibadan this November as proof that the party was reinventing itself to rescue Nigeria. “If Tinubu has performed, he would allow his work to speak for him. Instead, we see panic endorsements and failed policies built on a pyramid of lies.”

Atiku also linked the rising hunger in the country to growing insecurity, warning that Nigeria risked sliding into the kind of upheavals witnessed during the French Revolution, the Bolshevik uprising, the Arab Spring, and the #EndSARS protests.

“Two years after assuming office, there are still no manifest signs that this government is capable of addressing the grim issue of severe hunger staring the poor in the face,” he said. “The reality is that the poor are increasingly dying of hunger while the living poor exist at the mercy of ill-advised policies.”

But the Presidency fired back, accusing Atiku of belonging to a government that mismanaged the economy. “President Tinubu and his team are working relentlessly to correct those errors, with bold reforms,” Onanuga maintained.