Former Vice President Atiku Abubakar has criticised the reported plan by the federal government to divest significant equity in key oil and gas joint ventures, warning that the move could erode public trust, destabilise the sector, and threaten Nigeria’s energy security.
In a statement issued on Monday by his media aide, Paul Ibe, Atiku also faulted proposed amendments to the Petroleum Industry Act (PIA), stressing that while he supports liberalisation and privatisation of underperforming state enterprises, such reforms must be transparent and guided by national interest.
Atiku argued that any reduction of Nigeria’s stakes in ventures such as Renaissance JV, Oando JV, and Seplat Energy JV must undergo competitive bidding and rigorous public scrutiny to prevent insider advantage and protect the country’s sovereignty over strategic resources. He further decried rising hunger and poverty in the country, warning that worsening conditions could fuel unrest similar to the French Revolution, the Arab Spring, or Nigeria’s #EndSARS protests.
But the Presidency, in a response signed by presidential spokesperson Bayo Onanuga, dismissed Atiku’s claims as “grossly misleading,” insisting that the Tinubu administration is recording significant economic progress. It cited National Bureau of Statistics (NBS) data showing inflation declining for five consecutive months, a record trade surplus in August with non-oil exports nearly matching crude oil, and foreign reserves rising towards $42 billion.
The Presidency accused Atiku of being disconnected from current realities, noting that states now have unprecedented revenues to pay salaries, pensions, and execute capital projects. It added that many of Nigeria’s present challenges stemmed from mismanagement during the PDP era when Atiku was Vice President.
Meanwhile, the Peoples Democratic Party (PDP) also criticised the APC-led government, accusing it of running a “voodoo economy without direction.” PDP National Publicity Secretary, Debo Ologunagba, said proposed policies such as a fuel tax would worsen Nigerians’ hardship, while describing the administration’s economic agenda as anti-people.
The PDP announced plans for its national convention in Ibadan on November 15–16, saying the party was repositioning to “rescue Nigeria” and provide better governance.
