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The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has strongly opposed the federal government’s proposed plan to dispose of certain national oil assets, insisting that the move would spell long-term economic trouble for the country.
PENGASSAN President, Festus Osifo, made the position known during an interview on Prime Time, a programme aired on Arise Television.
He stressed that both PENGASSAN and its sister union, the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), had carefully assessed the implications and concluded that the plan would be counterproductive.
According to him, the unions’ primary duty goes beyond protecting jobs in the oil and gas sector. He explained that their role also involves safeguarding Nigeria’s overall economic stability.
“Our position is simple: this decision will not only undermine our members’ welfare but also weaken the country’s financial future,” Osifo said.
“Selling off these assets may generate quick cash today, but the consequences will drag Nigeria backwards tomorrow.”
He further argued that the government should prioritise long-term national interest over short-term revenue gains, warning that asset sales could create deeper structural problems.
“This is not just about workers’ jobs,” he continued.
“If Nigeria’s economy collapses under the weight of wrong policies, then no one, whether in the oil industry or outside it, will be safe from the ripple effects.”
Osifo maintained that the unions’ rejection was a defensive step to protect both the economy and the welfare of their members.
He cautioned that pushing through the sale could result in reduced national revenue, job insecurity, and wider economic instability.
Meanwhile, industry watchers say the warning by the unions highlights growing concerns over how Nigeria is managing its oil and gas resources at a time of volatile global energy markets.