Atiku Cautions Against Petroleum Industry Act Amendment
Atiku Abubakar
Opposition leader and former Vice President Atiku Abubakar has cautioned the federal government against hasty amendment to the Petroleum Industry Act.
In a post on his verified media handles on Monday, Atiku said the amendment must be handled transparently in the nation’s interest and strategic value.
He also said, “Any attempt to amend its core provisions must be approached with caution and broad stakeholder engagement”.
Atiku said that the recent developments surrounding the proposed amendments to the PIA and divestment of significant equity in key joint ventures within the oil and gas sector “are disconcerting”.
“While I have consistently advocated for liberalization and the revitalization of underperforming state-owned enterprises, including through privatization where necessary, it is imperative that such efforts are guided by transparency, national interest, and long-term strategic value.
“The Petroleum Industry Act was enacted to bring clarity, accountability, and investor confidence to a sector long plagued by opacity. Any attempt to amend its core provisions must be approached with caution and broad stakeholder engagement.
“The reported plans to reduce the Federation’s stakes in joint ventures such as RAEC JV, Oando JV, and Seplat Energy JV, especially under terms that appear to disproportionately favour select insiders and foreign entities, risk undermining Nigeria’s sovereignty over its most strategic resources.
“These moves, if not properly managed, could erode public trust, destabilize the sector, and compromise our energy security,” the opposition ADC chieftain said.
Atiku said the federal government must ensure that any privatization exercise “is conducted with full transparency, guided by competitive bidding, and subject to rigorous public scrutiny.
“The process must reflect our shared commitment to protecting Nigeria’s economic future and ensuring that the benefits of our natural resources are equitably distributed.
“We must resist the temptation to pursue short-term gains at the expense of Nigeria’s national interest and long-term national stability.”
