ADC Warns Against Sale Of Oil Assets

The African Democratic Congress has expressed strong opposition to the Federal Government’s plan to amend the Petroleum Industry Act and sell parts of the Nigerian National Petroleum Company Limited’s stake in top-performing joint ventures.

The party said the proposal would weaken Nigeria’s economic independence and pose long-term risks to stability.

The position was made public at a press conference in Abuja to mark Nigeria’s 65th independence anniversary. Speaking for the party, National Publicity Secretary Bolaji Abdullahi argued that handing vital oil assets to private hands would strip the country of its economic lifeline and expose citizens to deeper hardship.

The ADC aligned itself with labour unions in the oil and gas sector, who had earlier rejected the proposal. The party described the plan as a calculated move to strip NNPC of its most valuable holdings, reduce its capacity to respond to energy challenges, and ultimately transfer public wealth to private and politically connected groups.

According to Abdullahi, the loss of control over profitable ventures would erode revenue that should be funding schools, hospitals, pensions and infrastructure. He warned that the move could also worsen unemployment and set a dangerous precedent where national resources are permanently lost to private interests.

Beyond the petroleum sector, the party painted a grim picture of the state of the nation at 65 years of independence. It accused President Bola Tinubu’s administration of mishandling the economy, pointing to high inflation, rising costs of living, and lack of effective measures to cushion citizens from hardship.

On security, the ADC noted that the country still battles insurgency, banditry, kidnappings and violent attacks across several regions. The party faulted the government for failing to present a clear security strategy, leaving communities exposed and citizens insecure even in the capital territory.

The ADC also cited deepening institutional decay, with strikes, youth unemployment and failing infrastructure serving as signs of public discontent. It called on civil society, labour unions, the National Assembly and young Nigerians to resist the proposed amendments and asset sales.

For the party, the independence anniversary should serve as a time of renewal and a reminder that leadership must prioritize people over profit. It pledged to continue defending the economic rights of Nigerians and future generations.