Many workers will experience a bleak yuletide as the high cost of living, unaffordable airfare and transport costs continue upward movement while salaries have remained stagnant.

Speaking in Abuja at the end of the National Executive Council (NEC) meeting of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Festus Osifo lamented the high exchange rate, which is the chief driver of food and core inflation.

Though the prices of basic food items such as rice, beans, garri, tomatoes, and pepper may have reduced slightly in the last few weeks, Osifo insisted that workers’ salaries are grossly inadequate to cater for the necessities of life.

The PENGASSAN chief revealed that the nation may lose its brightest brains to greener pastures as the naira continues to be devalued.

Osifo declared that the industry is standing dangerously close to a talent haemorrhage that could cripple its operations and competitiveness.

He emphasised that the global mobility of oil and gas expertise makes Nigerian professionals highly sought after, especially at a time when domestic wages have been eroded by relentless economic pressures.

“Our skills are unique and required everywhere in the world. A drilling engineer in Nigeria is doing the same job as a drilling engineer in the United States or Abu Dhabi. A well-performance engineer in the Gulf of Mexico has the same skill as a well-performance engineer in the Gulf of Guinea, here in Nigeria. So, what that means is that when devaluation occurs, the brain drain that we have seen in some other sectors will just be child’s play,” he stated.

He accused some companies of foot-dragging on wage negotiation despite the drastic impact of inflation and currency devaluation on workers’ livelihoods, saying, “Even with massive devaluation, some still don’t want to fix the remuneration of our members. We are calling on them to do the needful. We will push without holding back, using everything in our arsenal to ensure the right thing is done.”

On the faceoff between oil and gas-based unions and Dangote Refinery, Osifo hinted that there are issues that remain unresolved.

“There are still a lot of pending issues. The NEC decided that we must consummate the process by pushing these issues and resolving them through dialogue. Our preference is to resolve them at the negotiation table.”

In his comments on the state of the economy, Osifo criticised the non-corroboration of the government’s macroeconomic claims and the harsh realities ordinary Nigerians are experiencing.

He cast doubt on the veracity of improving statistics when living costs remain unbearably high.

“Inflation numbers are coming down, but in the market, prices are not coming down. With N100,000, what you bring out is almost next to nothing,” he said.

He urged closer alignment between fiscal and monetary authorities to ensure that economic improvements translate into genuine household relief.

Osifo assured members that PENGASSAN will intensify engagements with the Ministries of Finance, Petroleum Resources, Labour and other key institutions to advocate for better welfare and working conditions.

“We will do everything possible to ensure that the lives of our members are better off in the coming year. We will intensify our advocacy towards the improvement of the working conditions of our members,” he stated.