The president of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Festus Osifo, has strongly opposed the Federal Government’s plan to sell off oil assets, describing the move as “stripping the nation” and potentially damaging to Nigeria’s long-term economic stability.

Speaking in an interview with ARISE NEWS on Wednesday, Mr Osifo urged the government to explore a more sustainable option by listing NNPC Limited on the Nigerian Stock Exchange.

“Instead of stripping assets, government should prepare NNPC Limited for an Initial Public Offering (IPO). By selling just 10 to 13 per cent shares through the stock exchange, Nigeria could raise around $20 billion, which is three times the $5–7 billion expected from the planned asset sale.This is the direction govt should go. ” he said.

Osifo stressed that the issue goes beyond protecting union members, as PENGASSAN and NUPENG represent over 80% of the workforce in the sector. According to him, selling state assets would have far-reaching consequences for Nigeria’s currency stability and overall economy.

“The reason the naira is high today is because of shortfalls in crude oil and gas production caused by pipeline vandalisation. That reduced the foreign exchange inflows available to the Central Bank to defend the naira. If government earnings from oil and gas fall further tomorrow, it will be even more difficult to defend the naira, and it will keep moving southward. So beyond the workforce in the Nigeria oil and gas industry,” he explained.

The PENGASSAN leader highlighted that oil assets represent long-term national value and should not be sold off hastily in pursuit of immediate funds

“Over all let us look at the reason for selling the asset. If the first reason is revenue, then can you generate that revenue through another means using the same NNPC? If the answer is yes, that you can generate three times more, why don’t we look at that? If it is about issues bothering on investment, the IPO route offers a better solution,” he said.

Osifo also pointed to the Petroleum Industry Act, which already provides for NNPC Limited to be listed within three to four years of its operations, noting that such a step would enhance transparency and accountability.

“If NNPC is listed, we can buy shares in it and ask questions about its finances and operations,” he added.

He further cautioned against the possibility of a slippery slope if asset sales were allowed to proceed.

“If you follow Nigeria’s history, once a percentage is sold today, another government may sell more tomorrow. We must think about how this will affect the Nigerian of tomorrow.” He said.

On whether the oil unions would take industrial action over the plan, Osifo dismissed such speculation, describing PENGASSAN and NUPENG as “extremely reasonable” bodies.

“We do not just jump into the streets and start shouting. The probability of strike over this is very remote. We believe there are reasonable people in government, and we have been engaging them. We will sit down with the authorities and show them the data,” he assured. (AriseNews TV)