FG approves alternative funding for PHCN firms

PHCN17 May 2013, Abuja – Permanent Secretary, Ministry of Power, Amb. Godknows Igali, says President Goodluck Jonathan has approved the institution of an alternative funding mechanism for the successor companies of the Power Holding Company of Nigeria, PHCN.

This is to give the successor firms, comprising of generation and distribution companies, stability till their hand over to the preferred bidders.

Igali made this known when the Senate Committee on Power visited the ministry in Abuja as part of their oversight functions, stating that due to the zero allocation to the PHCN successor companies, they have been having a hard time financing their operations.

Chairman of the Senate Committee, Senator Philip Aduda advised that the ministry ensures that all labour-related issues with the PHCN workers were settled before hand over to the preferred bidders to avoid litigation or other problems that could affect the gains so far registered by the privatisation exercise.

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