Former Vice President Atiku Abubakar has raised alarm over the federal government’s reported plan to cut its stakes in key oil and gas joint ventures (JVs), warning that the move could undermine Nigeria’s energy security and erode public trust.
In a statement through his media aide, Paul Ibe, Atiku described the proposal as troubling. He acknowledged the need for reforms and even privatisation of struggling state enterprises but insisted such efforts must be transparent, guided by national interest, and focused on long-term stability. He also criticised possible amendments to the Petroleum Industry Act (PIA), saying that poorly managed changes could weaken investor confidence.
“The government must not sacrifice sovereignty for short-term gains,” Atiku cautioned, stressing that any divestment should go through competitive bidding and public scrutiny.
Beyond the oil sector, Atiku expressed concern over rising hunger and poverty, warning that worsening economic hardship could fuel unrest similar to past global uprisings. He argued that government reforms should put citizens’ welfare at the center.
The Presidency, however, dismissed his remarks, accusing the former vice president of being out of touch with current realities. Presidential spokesperson Bayo Onanuga said Atiku was part of administrations that mismanaged the economy and noted that recent data from the National Bureau of Statistics (NBS) tells a different story.
According to the Presidency, inflation has declined for five straight months, foreign reserves are climbing toward $42 billion from $32 billion when President Bola Tinubu assumed office, and states now have more revenue to pay salaries and fund projects. “Talk is cheap,” the statement read. “Nigerians are seeing real progress under President Tinubu’s leadership.”
Meanwhile, the Peoples Democratic Party (PDP) backed Atiku, branding the ruling All Progressives Congress (APC) as operators of a “voodoo economy.” PDP spokesman Debo Ologunagba said hardship is worsening under APC rule and accused the government of pursuing anti-people policies.
The PDP also revealed that it is preparing for its national convention in Ibadan this November, which it said would unite the party ahead of the 2027 general elections.
