The Federal Government’s inability to complete the payment of benefits to the Power Holding Company of Nigeria (PHCN) workers may affect the planned handing over of 15 Electricity Generation Companies (GENCOs) and Electricity Distribution Companies (DISCOs) earlier rescheduled for this month.
Investigations showed that only PHCN workers at the head office in Abuja were paid while others in different parts of the country are yet to be paid.
A source, who preferred not to be named, said: “From all indications, it appears that the government has no enough fund to make immediate payment. It is unimaginable why the payment should be delayed after the completion of the verification exercise.
“If there are adequate funds, we should have witnessed rapid payment because the Federal Government has earlier fixed this month as a target for handover of the GENCOs and DISCos to the preferred bidders.”
The completion of payment is said to be critical to the handing over of the firms
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