Former Vice President Atiku Abubakar has faulted the Federal Government’s plan to amend the Petroleum Industry Act (PIA) and divest significant equity in key oil and gas joint ventures, warning that such moves could undermine national interest and erode public trust.
 
In a statement yesterday, Atiku said while he had consistently advocated liberalisation and the restructuring of underperforming state-owned enterprises through privatisation, such efforts must be guided by transparency, national interest and long-term strategic value. 
 
He stressed that the PIA was enacted to bring clarity, accountability and investor confidence to a sector long plagued by opacity, adding that any attempt to amend its core provisions must be approached with caution and broad stakeholder engagement.
 
“While I have consistently advocated for liberalisation and the revitalisation of underperforming state-owned enterprises, 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,” he said.
 
Atiku described as disconcerting the reported plans to reduce the federation’s stakes in joint ventures such as the Renaissance Africa Energy Company (RAEC), Oando and Seplat Energy, warning that divestments under terms that appear to favour select insiders and foreign entities could compromise Nigeria’s sovereignty over its most strategic resources. 
 
The former Vice President, therefore, called on the Federal Government to ensure that any privatisation exercise is conducted transparently, through competitive bidding and subject to rigorous public scrutiny. 

 He cautioned against what he called the temptation to pursue short-term gains at the expense of the country’s national interest and long-term stability.
 
Atiku’s intervention comes against the backdrop of the proposed amendment to the PIA, following a notification by the Attorney General to several federal agencies. The draft legislation, titled ‘The Petroleum Industry Act (Amendment) Act 2025,’ originated from the Minister of Finance with the stated goal of addressing escalating fiscal leakage and revenue loss confronting the federation. The Attorney General subsequently convened a meeting of key agencies to deliberate on early implementation of the President’s directives.