Vunderkind
Social Member
The Federal Government yesterday handed over the physical assets of the Power Holding Company of Nigeria (PHCN) to the 14 successor companies.
Power Minister Chinedu Nebo told reporters in Abuja that the PHCN has now ceased to exist but the debt which government incurred and their assets have been transferred to the Nigeria Electricity Liability Management Company (NELMCO).
“Government has no business doing business. Because government was doing business, NELMCO now has between N600 billion to N1 trillion debt that needs to be settled. So, some of these assets you are thinking will be stripped will not be stripped. They have been submitted to NELMCO,” he said.
Source: The Nation
http://thenationonlineng.net/new/fgs-power-sector-debt-hits-n1tr-new-owners-take-phcn/
Power Minister Chinedu Nebo told reporters in Abuja that the PHCN has now ceased to exist but the debt which government incurred and their assets have been transferred to the Nigeria Electricity Liability Management Company (NELMCO).
“Government has no business doing business. Because government was doing business, NELMCO now has between N600 billion to N1 trillion debt that needs to be settled. So, some of these assets you are thinking will be stripped will not be stripped. They have been submitted to NELMCO,” he said.
Source: The Nation
http://thenationonlineng.net/new/fgs-power-sector-debt-hits-n1tr-new-owners-take-phcn/