Two major oil workers’ unions have kicked against the Federal Government’s reported plan to sell part of its shares in joint venture oil assets managed by the Nigerian National Petroleum Company Limited (NNPCL).

At a joint press conference in Abuja on Tuesday, the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) warned that the move could undermine the economy and jeopardize workers’ welfare.

Union leaders, Festus Osifo and Williams Akporeha, disclosed that the government is considering reducing its stake in some assets by as much as 35 per cent. They argued that while such a sale might generate immediate revenue, it would harm Nigeria’s long-term economic security.

“You cannot mortgage the future of Nigerians for temporary gains,” Osifo cautioned, adding that the decision could bankrupt NNPCL and weaken its contributions to the national budget.

The unions also accused the Ministry of Finance of attempting to assume control of NNPCL, describing the move as a “backdoor hijack.” They further warned that moves to amend the Petroleum Industry Act (PIA), enacted only three years ago, would discourage investor confidence.

“Every serious oil-producing nation protects its national oil company. Here, we are doing the opposite, stripping ours of its strength,” Akporeha said.

The unions called on President Bola Tinubu to halt the plan and rein in officials behind it. “Whoever mooted this idea, we reject it 100 per cent. We will resist it with everything,” Osifo declared.