• FG needs N77b to bridge metering gap
By Obas Esiedesa, Senior Reporter, Abuja
The Federal Government plans to use the bulk of the money realised from the sale of Power Holding Company of Nigeria the successor companies to fund the N339 billion deficit needed to pay the severance package of electricity workers.
According to Minister of Power, Chinedu Nebo, who briefed newsmen in Abuja on Wednesday, this means there will be no funds available to develop the transmission and distribution systems post-privatisation.
Although, President Goodluck Jonathan had last year approved N384 billion as severance package for the workers, only N45 billion was provided for the exercise in this year’s budget leaving a deficit of N339 billion.
The minister expressed government’s determination to conclude the divestment from those firms, stressing the administration’s desire to encourage private participation in the power sector as the only way to end the age-long electricity problem in the country.
Nebo urged Nigerians to be patient with the government, especially in the area of providing electricity meters, with about N77 billion needed to bridge the estimated 2.5 million metering gap.
According to him, the country needs a super grid to meet its energy demand and stressed that the $3.4 billion being sourced by the government would be used to finance a 765MVA super grid.
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