Tuesday, December 24, 2013

PHCN: FG Spends N360bn on 51,247 Workers' Benefits

FG Spends N360bn on 51,247 Workers' Benefits
The Federal Government said on December 24, 2013, Tuesday, it had spent more than N360 billion on the payment of severance benefits to workers of the defunct Power Holding Company of Nigeria (PHCN).
Mr. Benjamin Dikki, the Director-General, Bureau of Public Enterprise (BPE), confirmed it in an interview to newsmen in Abuja.
He stated that the payment was in accordance with the agreement to settle the severance benefits to the affected workers.
According to Mr. Dikki, at the beginning of the privatization process, the budgeted cost for the settlement of labour liabilities in the sector was put at N401 billion.
“The BPE contributed N315.6 billion from the sale of PHCN asset, while the Federal Government provides N45 billion to bring the amount so far remitted to more than N360 billion.
“It would be recalled that the federal government had demonstrated great commitment in resolving labour issues in the power sector reform and privatization.
“From the beginning, it had committed the entire proceeds realised from the sales of the power assets to the payment of the worker’s terminal benefits.
“The N360 billion so far spent was forwarded to the office of the Accountant-General of the Federation to settle 51,247 PHCN Staff, both active and retired,” he said.
The DG of BPE further noted that of the 51,247 workers – 47,913 were active staff, and 3,334 were retired staff of the company.
Mr. Dikki added that 2,158 staff, comprising casual workers and those not properly documented, were yet to be settled.
Source: The Nation


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