Former Vice President Atiku Abubakar and the Presidency yesterday clashed over the Federal Government’s reported plan to divest substantial equity in Nigeria’s oil and gas joint ventures (JVs), sparking renewed debate about the future of the country’s most strategic assets.
Atiku, in a statement issued by his media aide, Paul Ibe, described the move as “disconcerting” and warned that it could erode public trust, destabilise the sector, and compromise energy security. He also faulted proposed amendments to the Petroleum Industry Act (PIA), stressing that while he had long supported liberalisation and privatisation where necessary, such reforms must be guided by transparency, national interest, and long-term value.
“The reported plans to reduce the Federation’s stakes in joint ventures such as Renaissance JV, Oando JV, and Seplat Energy JV, especially under terms that appear to favour select insiders and foreign entities, risk undermining Nigeria’s sovereignty over its most strategic resources,” Atiku said.
But the Presidency dismissed his concerns as “grossly misleading.” In a statement signed by presidential spokesperson Bayo Onanuga, it accused Atiku of being out of touch with current realities and pointed to what it called tangible gains under President Bola Tinubu.
“Nigeria is moving in the right direction,” Onanuga said, citing new data from the National Bureau of Statistics showing headline inflation has declined for five consecutive months, foreign reserves are approaching $42 billion, and states are receiving unprecedented revenues to pay salaries, gratuities and still fund capital projects.
The Presidency argued that Tinubu’s reforms were correcting the damage of previous administrations. “After just two years and five months in office, we are proud of the progress being made. Atiku and his allies may ignore these gains, but Nigerians can see and feel the positive changes,” the statement read.
The controversy has also drawn wider reactions. The Peoples Democratic Party (PDP) backed Atiku’s position, describing the government’s handling of the economy as “voodoo economics.” PDP National Publicity Secretary, Debo Ologunagba, said the divestment plan, alongside other policies such as the proposed fuel tax, would further impoverish Nigerians.
Energy analysts, meanwhile, warned against hasty divestment. Dr. Ifeanyi Nwoke, an energy policy expert, said while equity sales could unlock capital, “any deal done without competitive bidding and full transparency risks handing strategic national assets to a few insiders.” Oil economist Mrs. Fatima Yusuf added that “Nigeria must weigh short-term fiscal relief against the long-term risk of ceding control over crude production.”
Atiku further linked the reported divestment to worsening hunger and insecurity, warning of potential unrest if economic hardship persists. But the Presidency countered that Tinubu’s policies were already delivering growth and stability.
The clash has deepened political divisions over the government’s economic reforms, with critics calling for transparency and caution, and the Presidency insisting it is steering Nigeria towards recovery.
Leave a Reply