The African Democratic Congress (ADC) has raised the alarm over the Federal Government’s proposed amendments to the Petroleum Industry Act (PIA) and plans to sell the Nigerian National Petroleum Company Limited (NNPC Ltd)’s equity in high-performing joint ventures, warning that the move could endanger Nigeria’s economic sovereignty and long-term stability.

The position was made known during a press conference in Abuja on Wednesday to mark Nigeria’s 65th independence anniversary.

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

“If we sell off our oil assets, we are not just parting with numbers on a balance sheet, we are surrendering the lifeblood of our economy and the backbone of our national sovereignty,” Abdullahi said.

He noted that the ADC fully 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 both the proposed PIA amendments and the planned sell-offs.

According to Abdullahi, the proposals form “part of a deliberate and calculated effort to hollow out NNPC Limited, dismantle institutional checks and balances, and pave the way for the fire-sale of Nigeria’s most valuable national assets to private, politically connected interests.

“By handing decisive control of these assets to private interests, the government weakens Nigeria’s ability to stabilise energy supply, respond to global oil shocks, or plan long-term energy strategies in the national interest,” he warned.

He further argued that stripping NNPC of its most profitable holdings would push it into debt, threaten thousands of jobs, and undermine revenues that should fund schools, hospitals, roads and pensions.

“Most dangerously of all, it would set an irreversible precedent, turning our commonwealth into private property, and leaving future generations of Nigerians with nothing but memories of what was once theirs,” he added.

Beyond the petroleum sector, Abdullahi said the anniversary came at a time of hardship for millions of Nigerians, accusing President Tinubu and the All Progressives Congress (APC) of mismanaging the country’s economy and worsening insecurity.

He said reforms undertaken by the administration had compounded inflation, weakened purchasing power, and triggered social pain without adequate cushioning measures.

“At 65, our nation is staggering under the failures of President Bola Ahmed Tinubu and the All Progressives Congress. The promise of ‘renewed hope’ has given way to widespread disillusionment,” Abdullahi declared.

On insecurity, he lamented that Nigeria continued to suffer from Boko Haram, ISWAP, banditry and kidnappings across several regions, including the Federal Capital Territory, with no clear government strategy in sight.

“President Tinubu’s government has yet to articulate or demonstrate a comprehensive security strategy, leaving citizens to fend for themselves amid a fractured, under-resourced and often predatory security apparatus,” he said.

The ADC spokesperson also decried what he described as the erosion of institutional credibility, citing strikes, protests, infrastructure decay and record youth unemployment as evidence of growing public discontent.

He called on civil society organisations, labour unions, the National Assembly and young Nigerians to resist the proposed amendments and sale of NNPC assets.

“Civil society must stand firm. The National Assembly must reject any attempt to amend the Petroleum Industry Act in ways that serve private or political interests. And young Nigerians must organise, speak out, and demand full transparency and accountability,” Abdullahi urged.

He further stressed that Nigeria’s independence anniversary should be a moment of reflection and renewal, not despair, emphasising that the ADC would continue to defend the economic rights of citizens and future generations.

“At 65, Nigeria must not stand for power, profit or politics. Nigeria must stand for the people,” he said. (Vanguard)