The National Rebirth Movement (NRM) is calling on Nigerians from all walks of life to stand against recent moves by the federal government to modify the Petroleum Industry Act (PIA)—a law many had celebrated as a transformative turning point for the nation’s oil and gas sector. According to NRM leaders, these proposed changes pose a serious threat, with accusations that they could facilitate the sale of vital national oil assets to politically connected individuals.
In a statement issued in Kaduna on Monday, Comrade James Jonah Gbudu, serving as President of the NRM, expressed deep concern over what he describes as a coordinated push led by the Minister of Finance, Wale Edun, to alter key sections of the PIA. Gbudu alleges this could dismantle the operational strength of the Nigerian National Petroleum Company Limited (NNPCL) and allow the nation’s resources to fall into the hands of a privileged few at the expense of the larger population.
“Protecting the PIA is protecting Nigeria’s future”
Gbudu insists the existing PIA—signed into law in 2021 following over 20 years of protracted debate and delay—is uniquely positioned to promote transparency, accountability, and efficiency within Nigeria’s petroleum industry. He claims removing or weakening its backbone would unravel the progress hoped for in sector reforms, affecting everything from investor confidence to ordinary Nigerians’ ability to benefit from oil revenues.
The NRM President adds that any amendments should be approached with a spirit of national consultation and scrutiny, not rushed through or deployed for political gains. He warns that, if allowed, such moves would leave generations of Nigerians disadvantaged, with the nation’s wealth concentrated in the hands of a small elite.
“It is barely four years since the PIA came into effect, and instead of strengthening it, this government wants to dismantle its safeguards,” he said.
“Our national oil company, which should be a source of pride and revenue for all Nigerians, is being targeted for stripping under the guise of reforms.”
Gbudu also speculated that President Bola Tinubu’s administration might not be fully apprised of the far-reaching consequences associated with these reported plans. He thus urged citizens to be vigilant and proactive in advocating for their “collective inheritance,” cautioning that silence could lead to the loss of critical national assets.
Lessons from failed privatisations
Looking back at Nigeria’s history with privatization, Gbudu highlighted costly missteps from the past. Pointing to the case of NEPA—the National Electric Power Authority—he noted that the agency’s privatization failed to resolve the long-standing issue of unreliable power supplies in Nigeria. Similarly, the neglect and eventual closure of domestic oil refineries forced the country to rely almost entirely on imported fuel, often at prices many Nigerians find unaffordable.
Notably, these policy approaches, according to Gbudu, have previously benefited only a handful of individuals, increasing poverty and unemployment while eroding critical infrastructure.
“The Obasanjo/Atiku era taught us bitter lessons. NEPA was sold, yet Nigerians are still in darkness. Refineries were left comatose while billions are spent on fuel imports. We will not allow another cycle of deception,” he declared.
He cautioned that applying the same logic to the oil sector could lead to even graver economic consequences while closing the remaining window for everyday Nigerians to benefit from one of the nation’s most significant resources.
Call for transparency, not asset stripping
Rather than carve up national assets, the NRM is appealing to leaders and lawmakers to invest greater effort in boosting transparency and accountability within the NNPCL. The group contends that addressing operational inefficiencies and leakages through rigorous oversight could improve sector performance far more sustainably than selling off state assets. Sector experts, such as Abuja-based oil policy analyst Femi Adedoyin, have argued that comprehensive reforms must emphasize prudent management and robust regulatory frameworks, rather than drastic asset sales that often result in job loss and public outcry.
Nationwide protest looms
With tensions escalating, the NRM announced it has begun wide-ranging consultations with allies in civil society, labour unions, youth organizations, student groups, and community leaders. The goal: to forge a united front capable of resisting the proposed PIA amendments.

Credit: State House.
Source: Facebook
With tensions rising, all eyes are now on the federal government to clarify its position on the PIA amendments and reassure Nigerians that national assets will not be sold off under questionable circumstances.
Long-standing civil rights advocate, Hajara Musa, noted in an interview, “If Nigerians don’t rally quickly, we may lose the gains made so far in securing ordinary people’s interests within the sector.”
Public policy researchers from the Centre for Social Accountability in Lagos echo these concerns, pointing out that previous waves of privatization across the continent—such as in Ghana’s energy sector—have produced mixed to negative results for consumers.
Fuel prices may skyrocket as PENGASSAN downs tools
Recent events only seem to highlight the sector’s volatility. On Monday, Nigerians found themselves facing the disruptive effects of a nationwide strike orchestrated by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN). The union directed its members across oil, gas, and energy outfits to down tools, a decision reportedly instigated by what they considered “unjust” dismissals of more than 800 staff at the Dangote Petroleum Refinery.
Industry watchers warn that the strike—if not resolved swiftly—could further squeeze fuel supplies, put additional pressure on pump prices, and add to the hardships facing consumers and businesses. According to data from the Nigerian Bureau of Statistics, fuel accounts for over 70% of household energy consumption, underlining how disruptions could spark rapid price increases and exacerbate economic hardship.
Economists urge the government to balance cost-saving measures with the urgent need to keep essential services accessible and affordable. Some recommend transparent stakeholder engagement before undertaking sweeping policy shifts that could affect millions across the federation and the broader West African region.
Comparative outlook: What can Nigeria learn from elsewhere?
Nigeria is not alone in grappling with the dilemma of balancing privatization, reform, and public interest. Experiences in other African nations—such as Angola and Ghana—illustrate the importance of strong regulatory institutions and transparent asset management, especially in natural resource sectors. In Ghana, for instance, the privatization of certain utility companies did not result in lower consumer prices or significant improvements in service delivery, prompting ongoing debate about ownership models and regulatory oversight.
Globally, watchdog organizations such as Transparency International emphasize the critical role of public engagement and accountability in decision-making related to national resources. These international perspectives highlight the stakes for Nigeria’s ongoing debates: the choices made will not only shape domestic outcomes but also influence the country’s standing and investment appeal within Africa and beyond.
The road ahead: Decisions that define a generation
As the National Rebirth Movement and its coalition partners continue to organize and raise awareness, many Nigerians are left to consider where they stand on the proposed PIA amendments. Will the nation uphold the reforms intended to secure a fairer, more efficient oil and gas industry? Or are further changes needed to pave the way for new investment, despite fears of asset stripping and exclusion of common citizens?
Whichever path is chosen, the outcome will have direct effects on employment, public finance, and the outlook for the next generation of Nigerians. Citizens, policymakers, and community leaders alike must weigh the potential benefits against the risks, drawing on the lessons of the past and voices across society.
What do you think about the government’s proposed amendments to the Petroleum Industry Act, and how do you believe they might affect the future of Nigeria’s oil sector and its citizens? Do you agree with calls for protest, or should other avenues be explored?
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