ADC raises alarm over proposed sale of oil assets

By Luminous Jannamike

ABUJA — The African Democratic Congress (ADC) has raised the alarm implicit the Federal Government’s projected amendments to the Petroleum Industry Act (PIA) and plans to merchantability the Nigerian National Petroleum Company Limited (NNPC Ltd)’s equity successful high-performing associated ventures, informing that the determination could endanger Nigeria’s economical sovereignty and semipermanent stability.

The presumption was made known during a property league successful Abuja connected Wednesday to people Nigeria’s 65th independency anniversary.

The lawsuit was addressed by Mallam Bolaji Abdullahi, National Publicity Secretary of the ADC, who spoke connected behalf of the party.

“If we merchantability disconnected our lipid assets, we are not conscionable parting with numbers connected a equilibrium sheet, we are surrendering the lifeblood of our system and the backbone of our nationalist sovereignty,” Abdullahi said.

He noted that the ADC afloat supports the stance of the Nigerian Union of Petroleum and Natural Gas Workers (NUPENG) and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), who had earlier written to President Bola Ahmed Tinubu rejecting some the projected PIA amendments and the planned sell-offs.

According to Abdullahi, the proposals signifier “part of a deliberate and calculated effort to hollow retired NNPC Limited, dismantle organization checks and balances, and pave the mode for the fire-sale of Nigeria’s astir invaluable nationalist assets to private, politically connected interests.

“By handing decisive power of these assets to backstage interests, the authorities weakens Nigeria’s quality to stabilise vigor supply, respond to planetary lipid shocks, oregon program semipermanent vigor strategies successful the nationalist interest,” helium warned.

He further argued that stripping NNPC of its astir profitable holdings would propulsion it into debt, endanger thousands of jobs, and undermine revenues that should money schools, hospitals, roads and pensions.

“Most dangerously of all, it would acceptable an irreversible precedent, turning our commonwealth into backstage property, and leaving aboriginal generations of Nigerians with thing but memories of what was erstwhile theirs,” helium added.

Beyond the petroleum sector, Abdullahi said the day came astatine a clip of hardship for millions of Nigerians, accusing President Tinubu and the All Progressives Congress (APC) of mismanaging the country’s system and worsening insecurity.

He said reforms undertaken by the medication had compounded inflation, weakened purchasing power, and triggered societal symptom without capable cushioning measures.

“At 65, our federation is staggering nether the failures of President Bola Ahmed Tinubu and the All Progressives Congress. The committedness of ‘renewed hope’ has fixed mode to wide disillusionment,” Abdullahi declared.

On insecurity, helium lamented that Nigeria continued to endure from Boko Haram, ISWAP, banditry and kidnappings crossed respective regions, including the Federal Capital Territory, with nary wide authorities strategy successful sight.

“President Tinubu’s authorities has yet to articulate oregon show a broad information strategy, leaving citizens to fend for themselves amid a fractured, under-resourced and often predatory information apparatus,” helium said.

The ADC spokesperson besides decried what helium described arsenic the erosion of organization credibility, citing strikes, protests, infrastructure decay and grounds younker unemployment arsenic grounds of increasing nationalist discontent.

He called connected civilian nine organisations, labour unions, the National Assembly and young Nigerians to defy the projected amendments and merchantability of NNPC assets.

“Civil nine indispensable basal firm. The National Assembly indispensable cull immoderate effort to amend the Petroleum Industry Act successful ways that service backstage oregon governmental interests. And young Nig...