FG To Handover PHCN To Core Investors On Monday

After over 18 months of rigorous bidding and payment for PHCN successor companies’ processes, the Federal Government yesterday said it would hand-over the Power Generation (Gencos) and Distribution (Discos) companies on Monday.

In addition, all entitlements of the disengaged employees of the PHCN would also have been completely paid by the close of work yesterday, barring unforeseen circumstances.

Disclosing these in his keynote address at the Special Forum on Financing the Power Sector Reforms for Economic Development held in Abuja, Vice President Namadi Sambo said the hand-over of the 10 Discos, five Gencos and payment of severance packages to PHCN workers were clear indications of the present administration’s commitment to ensure private sector-led power sector development in the country.

Describing the hand-over of the power entities to private investors as one of the crucial milestones in the implementation of the Power Sector Roadmap initiated about three years ago, the Vice President, who is also the Chairman of the National Council on Privatisation, (NCP), promised that the federal government would continue to facilitate the consolidation of the successes recorded so far in the reforms through financial and policy supports in the years ahead.

Sambo hinted that government had made concrete financial arrangements towards the realisation of the goals of the Gas Master Plan, upgrading and expansion of power transmission networks as part of the long-term objectives of improving power supply efficiency and affordability to Nigerians in the years ahead.

He said: “The federal government through the NNPC, the Nigerian Gas Company and the private sector is implementing a robust programme for the realisation of the gas master plan with specific interest to meet the gas to power demand in the country at a cost of $8 billion. Already, $500 million of the $1 billion Euro bond will be utilised as counterpart funding for the implementation of this project.