Also, the Trade Union Congress on Sunday said it would join the Labour movement to shut down the country if the government remained adamant on its plan to sell some national assets.
PENGASSAN, in a statement on Sunday by its National Public Relations Officer, Mr. Emmanuel Ojugbana, said the government should look into other ways to increase its revenue base while plugging loopholes and leakages in government’s finances.
The union, which described the plan to sell the national assets as a self-destructive move for Nigeria, said, “The plan meant to solve short-term financial obligations is targeted at handing over our collective wealth to a few individuals and further impoverish the rest of our countrymen and women.”
It said government at all levels should pump money into the economy through the execution of capital projects and payment of workers’ salaries to revive the economy.
PENGASSAN said it would not sit back and watch the sale of national assets, especially those in the oil and gas industry, such as the Nigeria LNG that had become a huge revenue-earner for Nigeria; refineries and shares in the upstream oil and gas JV operations being shared among those in power and their cronies.
It said, “Any attempt to sell these national assets will be met with stiff resistance from the association, as PENGASSAN will galvanise every support, including that of our sister union and labour centres to shut down this country by ensuring that every activity in the oil and gas sector is brought to a complete halt.
“Some opportunists in the clothes of businessmen and short-sighted politicians had earlier advocated the sale of public assets such as the NLNG, four state-owned refineries, Nigeria’s stakes in the Africa Finance Corporation, the nation’s airports and reduction of government’s shares in upstream oil joint venture operations and this was approved by the National Economic Council.”
Reacting to the recent approval of the sale of the national assets by the NEC, Ojugbana said the sale of the assets would further compound the economic and security problems in the country.
He added, “They should tell us what will happen after the recession if we have sold the assets to greedy individuals. Will the country go cap in hand begging those individuals who bought the assets and borrowing from them?”
He said the plan “is ill-timed and unwarranted as it does not serve national interest,” adding that no nation could develop, survive or feel secure after selling all its national assets.”
PENGASSAN stated, “Doing this will further mortgage the future of our great country in the hands of few cabals. These individuals are just looking for advantage to further loot the country through illegal acquisition of the national assets as in the case of various oil blocks held by a few powerful Nigerians.
“The sale of national assets is not only surprising but also embarrassing for a nation experiencing economic recession. The proponents of the sale of national assets are those who have been actively involved in the operations of the nation’s economy in the past. They were part of those responsible for the country’s current economic situation.”
According to him, such sales in the past, including the power and steel sectors privatisation, are just a shift from public monopoly to private monopoly, which has further worsen those sectors.
“It is, therefore, the candid position of PENGASSAN that such a plan should be thrown into the trash bin. Government should continue to seek better ways to address the present economic challenges and reduce areas of wastage. The long overdue calls for diversification of the economy should be driven with all seriousness; more action is required urgently than propaganda mechanism,” he said.
The President of the TUC, Mr. Bala Kaigama, told Punch that the Congress would collaborate with the two major unions in the oil sector because the planned sale of the assets was flawed.
Kaigama said, “We will solidarise with them. You cannot sell vital assets like that. You don’t. If those who invested in the assets had sold them, would they have met them?
“Of course, these business people who are saying sell and sell, let them pay the appropriate taxes. Those people who are not paying the appropriate taxes, let them pay the appropriate taxes and money will accrue to the Federal Government.
“TUC will solidarise with NUPENG and PENGASSAN to shut down the country.”
Selling National Assets Signifies Panic
A frontline economist and Executive Chairman, African Centre for Shared Development Capacity Building, Prof. Olu Ajakaiye, said selling national assets because of the current economic recession in the country will amount to taking a panicky measure.
His words: "Sale of assets in a panic situation like was done carelessly during the late 1980s should not be repeated. If the resource gap includes recurrent, sale of assets to close such gap will be inappropriate because it is tantamount to consuming capital and that will be irresponsible. Moreover, what happens when the proceeds of the sale is exhausted? What are we going to sell to pay the next salary, for example?"