The Federal Government on Wednesday said N16bn had been approved for the payment of the entitlements of retirees and pensioners of the Power Holding Company of Nigeria in preparation for the conclusion of the privatisation of the power sector.
This is in addition to the N384bn earlier approved as severance package for employees of the power firm before the company is fully privatised.
Hence, the government will from this week pay a total of N400bn to the workers, retirees and pensioners of the PHCN.
The Minister of Power, Prof. Chinedu Nebo, has also directed the power distribution companies to resolve all issues surrounding the unfair billing and metering of electricity consumers.
Nebo, according to a statement from the Federal Ministry of Power, further assured that “at the end of the ongoing privatisation, Nigerians will heave a sigh of relief as generator importers will soon be eased out of business.”
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