Former Vice President Atiku Abubakar has called on the Federal Government to place transparency and national interest at the heart of any proposed amendments to the Petroleum Industry Act (PIA), warning that anything short of open governance could undermine investor confidence and erode Nigeria’s sovereignty over its oil and gas resources.
The warning follows recent reports suggesting that President Bola Tinubu has granted approval for a review of the landmark petroleum law.
According to the Office of the Attorney General of the Federation, the move is aimed at closing fiscal leakages and shoring up revenues in the petroleum sector, which remains Nigeria’s primary source of foreign exchange.
But Atiku, in a strongly worded statement released on his official social media channels, described the development as “deeply concerning,” particularly in relation to the reported plan to divest substantial equity in major joint ventures.
He argued that without transparency in PIA amendments, the exercise could backfire, creating suspicion among investors and raising fears of insider deals.
The former Vice President, who has long advocated liberalisation of the oil and gas industry, said reforms must be rooted in transparency, accountability, and broad stakeholder participation.
“The Petroleum Industry Act was designed to end decades of opacity and establish a transparent framework for the sector,” Atiku stressed.
“If its provisions are to be reviewed, it must be done cautiously, with input from all relevant stakeholders, and in full view of the Nigerian people.”
He warned that a hasty or secretive amendment process could erode the credibility of the PIA and defeat the purpose for which it was enacted in 2021, to build investor confidence, restructure governance, and attract much-needed foreign investment.
Atiku also highlighted reports that the Federal Government intends to reduce Nigeria’s stakes in critical joint ventures, including RAEC JV, Oando JV, and Seplat Energy JV.
According to him, divestments carried out without transparency could weaken Nigeria’s control over its strategic assets and expose the economy to external vulnerabilities.
“Selling down our stakes under terms that favour a small circle of insiders or foreign interests would be reckless,” he warned.
“It risks compromising our sovereignty, destabilising the energy sector, and worsening inequality in the distribution of resource wealth.”
While reiterating his support for privatisation and restructuring of inefficient state-owned enterprises, Atiku maintained that reforms must balance investor incentives with the long-term economic stability of the nation.
“I support liberalisation, I support reform, but it must be transparent, competitive, and consistent with Nigeria’s long-term interest.
We cannot afford to chase short-term gains at the expense of national security and future prosperity,” he said.
Atiku argued that genuine reforms require competitive bidding processes, open disclosure of terms, and rigorous public scrutiny.
Anything less, he warned, would deepen public mistrust in government and deter credible investors who prioritise stability and fairness.
The Petroleum Industry Act remains Nigeria’s most ambitious attempt at restructuring its petroleum sector in decades.
Passed in 2021 after nearly two decades of delay, the law consolidated fiscal, governance, and regulatory frameworks with the goal of attracting billions of dollars in fresh investment.
However, its implementation has faced hurdles, including concerns over revenue-sharing formulas, host community provisions, and the balance between government and private sector roles.
Critics have also raised alarms over the government’s ability to fully enforce the law amid Nigeria’s fiscal challenges.
Atiku’s intervention adds to a growing chorus of voices urging caution as the Tinubu administration moves to amend the PIA.
Industry experts argue that altering the law so soon after its passage could unsettle investors still assessing its impact.
Analysts warn that without transparency, proposed amendments could fuel suspicion that the reforms are tailored to benefit a select few rather than the wider Nigerian public.
Some fear that the move could replicate past patterns where opaque policies in the oil sector enriched elites but left host communities impoverished and the broader economy underperforming.
For Atiku, the credibility of the government rests on whether it can assure Nigerians and the international community that the process will be transparent, equitable, and aimed at national development.
“The oil and gas sector is too strategic to Nigeria’s future to be subjected to half measures or opaque deals,” he said.
“Reforms must be open, honest, and designed to strengthen—not weaken—our nation’s control over its resources.”
As the Federal Government prepares to engage stakeholders on the proposed PIA amendments, all eyes will be on whether it can uphold transparency, encourage broad participation, and avoid the pitfalls of secrecy that have long haunted Nigeria’s petroleum sector.
For Atiku, the stakes are clear: the future of Nigeria’s petroleum industry and, by extension, its economy, depends on transparent governance.
Any misstep could jeopardise not just investor confidence but also the stability of Africa’s largest oil producer.
