Presidency Reassures Nigerians Over Oil JV Divestment Amid Atiku’s Warnings on Energy Security
The Nigerian Presidency has pushed back against former Vice President Atiku Abubakar’s concerns regarding potential divestment in key oil and gas Joint Ventures (JVs), assuring the public that energy security remains intact. Atiku had expressed alarm over the government’s rumored plans to reduce its stakes in major JVs, including those involving Renaissance JV, Oando JV, and Seplat Energy JV, warning that such moves could destabilize the sector and erode public trust if not managed transparently.
Presidential spokesperson Bayo Onanuga described Atiku’s comments as “grossly misleading,” emphasizing that the Tinubu administration has overseen significant progress in Nigeria’s energy and economic landscape over the past two years. According to the Presidency, reforms under the Petroleum Industry Act (PIA) have strengthened investor confidence, clarified regulations, and bolstered transparency across the sector, while ongoing fiscal measures aim to protect national interests.
Atiku also criticized the proposed amendments to the PIA and highlighted rising hunger and social unrest in the country, referencing historical global revolutions as cautionary tales. He argued that socio-economic frustrations, particularly among Nigeria’s underprivileged, could escalate if government policies fail to prioritize citizen welfare. The former Vice President stressed the importance of reforms that balance liberalization with long-term strategic value and public accountability.
In response, the Presidency highlighted recent economic indicators, including five consecutive months of declining headline inflation, a trade surplus nearly matching non-oil and crude oil contributions, and foreign reserves climbing toward $42 billion. It underscored that states are financially equipped to pay salaries and execute social and capital projects, attributing these achievements to the Tinubu administration’s strategic management of national resources.
Meanwhile, the Peoples Democratic Party (PDP) continued its criticism of the ruling APC, condemning the government’s “anti-people” economic policies and warning that fuel taxes and other measures exacerbate public hardship. PDP officials also stressed preparations for a seamless national convention in November, framing it as part of a broader effort to rebuild the party and challenge APC governance ahead of future elections.
source: arise