Almost all the proceeds would be used to pay for the workers’ severance and entitlements
The federal government yesterday rescinded on its promise of raising electricity generation in the country to 10, 000 megawatts by the end of 2013.
Minister of Power, Professor Chinedu Nebo at a press briefing in Abuja said given the delay in some of the engineering works by contractors, the first quarter of 2014 is now the date for the target of 10, 000 megawatts.
He also said that N77 billion is needed to close the metering gap of 2.5 million. He said until the metering gap is adequately addressed, the incidences of excess billings from discos and power theft might continue.
Nebo pleaded with Nigerians to be patient with the government as ongoing recovery works at the Kainji and Jebba dams as well as work on the National Integrated Power Project (NIPP) would add fresh capacity to the grid.
He said Nigeria needs a smart transmission grid that will be able to transmit all power generated to the disco which was the reason why the federal government has contracted Manitoba Hydro International to manage the Transmission Company of Nigeria (TCN) and working loan facility from the World Bank to finance the expansion.
The minister also said that the proceeds from the sale of the unbundled units of former Power Holding Company of Nigeria (PHCN) would be used to settle the workers entitlement before the eventual take over by the preferred bidders.
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