FG To Handover PHCN To Successor Companies 30th September

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Vice President Namadi Sambo has announced plans to handover the Power Holding Company of Nigeria (PHCN) to successor companies by Monday 30th Setember next week.

The Vice President who spoke at a meeting on power sector reforms in Abuja also announced that outstanding payments of pensions and gratuities of workers of the defunct PHCN have been cleared.

He said the Federal Government plans to generate a total of 10,000 megawatts of electricity before the end of 2014 and 20,000 megawatts before the end of 2016.

Financial experts, top government officials and major players in the power sector attended the forum to take stock of achievements, challenges and prospects of the nation’s power sector and also to celebrate the role of commercial banks in the provision of support to the federal government’s reform agenda to the power sector.

Vice President, Namadi Sambo listed some of the challenges that must be tackled to achieve the needed development in the sector ,one of which  is the handing over of successor companies to investors for better output.

The CBN Governor, Lamido Sanusi also highlighted major contributions of commercial banks to the power sector, and according to him, over $2 billion has been committed to the federal government’s privatisation of the sector.

While a lot has also been done by government for the provision of over 6 million meters which is to be installed across the country, the chairman of the technical committee of the national council on privatisation, Atedo Peterside was of the view that building a synergy between government and members of the private sector is key to achieving more success.

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