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FG approves N348bn severance pay for PHCN staff

By on May 2, 2013

Minister of Power, Prof. Chinedu Nebo, yesterday, has said that the Federal Government has approved N348 billion as severance package for Power Holding Company of Nigeria, PHCN, staff.

Nebo said this at a briefing in Abuja, adding that N45 billion was earmarked for the purpose in this year’s budget.

He added that the short fall would be made up by the Federal Government from the privatisation of PHCN.

Fifteen private power investors, who had paid up to 25 percent of the amount on the sale of the companies, received their certificates from the government in April 22. The companies are Kainji, Shiroro, Geregu, Sapele and Ughelli power generation firms.

Other distribution companies are in Abuja, Ikeja, Jos, Eko, Port Harcourt, Benin, Enugu, Kano, Ibadan and Yola.

Nebo told newsmen that there was a metering gap of 2.5 million in the country, adding that due to increase in population, Nigeria needed three million more prepaid meters.

He said that Nigeria needed N77 billion to close the gaps, adding that the country also required 765 MVA supper grid transformers to improve the power sector to world standard.

According to him, government requires N544 billion or 3.4 billion dollars to increase power generation and part of it will be used to install smart prepaid meters.