By Olakunle oke
Former Vice President Atiku Abubakar has cautioned the Federal government against amending the Petroleum Industry Act (PIA).
The former Vice President made this known in a post on his social media on Monday.
Speaking, Atiku also cautioned against plans to divest major equity stakes in joint ventures within Nigeria’s oil and gas sector.
Atiku urged the government to tread carefully, warning that hasty changes could erode investor confidence, destabilize the industry, and compromise the nation’s energy security.
“The moves, if not properly managed, could erode public trust, destabilize the sector, and compromise our energy security,” Atiku stated.
He stressed that the PIA, passed in 2021, was designed to create clarity and accountability in a sector long burdened by opacity through institutions like the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
The former VP also called for broad stakeholder engagement before any reforms are implemented, maintaining that a transparent, measured approach will safeguard national interests while encouraging much-needed investment.
His warning comes amid growing reports of planned divestments in Nigeria’s oil and gas joint ventures, echoing global trends such as Keppel Infrastructure’s recent 10 percent stake sale in MET Group to shift toward renewable energy.
Nigeria could experience similar strategic exits if policy decisions appear uncertain or poorly structured. This was one of the key findings in a report by the International Energy Agency (IEA).
The IEA noted that Nigeria’s oil production has dropped by about 5 percent annually since 2019, with regulatory uncertainty cited as a key factor.
As the debate intensifies, attention now shifts to how the federal government will navigate the competing pressures of reform, revenue generation, and energy security in one of Nigeria’s most critical sectors.