The Presidency has dismissed concerns raised by former Vice President Atiku Abubakar regarding the Federal Government’s alleged plans to divest significant stakes in key oil and gas Joint Ventures (JVs), assuring Nigerians that energy security will not be compromised.
Atiku, in a detailed statement on Monday, criticised what he described as opaque plans to reduce Nigeria’s equity in critical Joint Ventures such as RAEC, Oando, and Seplat Energy, warning that such moves could destabilize the sector, erode public trust, and undermine national sovereignty over strategic natural resources.
“These moves, if not properly managed, could erode public trust, destabilise the sector, and compromise our energy security,” Atiku cautioned.
However, Presidential spokesperson Bayo Onanuga pushed back, stating that Atiku’s comments were “grossly misleading” and that he and his handlers are “out of touch” with the real progress Nigeria has made under President Bola Tinubu’s administration.
Atiku Slams Divestment Plans, PIA Amendments
In a press release by his media aide, Paul Ibe, Atiku criticised the Federal Government’s alleged move to reduce its stakes in oil JVs via the NNPC Limited. These ventures account for a substantial portion of Nigeria’s crude oil production, with the government typically holding between 55% and 60% interest.
While no formal public plan for the divestments has been announced, Atiku described the trend as potentially “disconcerting”, especially if it benefits select insiders and foreign entities over national interests.
He also raised red flags over proposed amendments to the Petroleum Industry Act (PIA), warning that any changes to the law must be approached with transparency, wide consultation, and strategic foresight.
“The process must reflect our shared commitment to protecting Nigeria’s economic future and ensuring that the benefits of our natural resources are equitably distributed,” he said.
Presidency Fires Back: “Talk is Cheap”
Responding to Atiku’s warnings, the Presidency released a detailed counter-statement, highlighting recent economic improvements and accusing the former Vice President of fear-mongering and political opportunism.
“Former Vice President Atiku Abubakar and his handlers are clearly out of touch with the positive developments currently unfolding in our country,” Onanuga said.
The statement pointed to new data from the National Bureau of Statistics (NBS) indicating that headline inflation has declined for five consecutive months, while foreign reserves are climbing toward $42 billion, up from $32 billion when Tinubu took office.
It added that the country posted a record trade surplus in August, with non-oil exports contributing 48%, nearly matching crude oil’s 52%.
“Under President Tinubu, Nigeria is recording unprecedented revenues. States are now able to pay salaries and gratuities promptly and still have surplus funds for capital and social projects,” the statement noted.
Atiku Warns of Hunger-Driven Revolt
Atiku also decried rising hunger and poverty, drawing parallels with historical uprisings like the French Revolution, Russian Revolution, and the Arab Spring, noting that such movements were often triggered by severe economic distress and widespread frustration.
He cited the EndSARS protest as an example of how government insensitivity and social discontent can spark unrest.
“The reality of our existence is that the poor are increasingly dying of hunger while the majority of the living poor exist at the mercy of ill-advised policies,” Atiku warned.
Presidency: Atiku “Part of the Problem”
The government response, however, accused Atiku of playing politics and attempting to undermine reforms aimed at correcting economic mismanagement inherited from the PDP era.
“Ironically, many of the challenges we face today stem from the economic mismanagement during the PDP years, when Atiku was Vice President,” the Presidency said.
“After just two years and five months in office, we are proud of the progress being made under President Tinubu’s leadership. Nigerians can see and feel the positive changes taking place across the nation.”
