FG considers review of PHCN privatization

Electricity Distribution

Federal government has said it is considering a review of the sale of the defunct Power Holding Company of Nigeria (PHCN) to investors by the Jonathan administration

The proposed review is to begin with the eleven power distribution companies (DISCOs).

Budget and national planning minister of state, Zainab Ahmed, who gave this indication, said both government and stakeholders had agreed that there is an urgent need for critical intervention in the power sector

Ahmed speaking to newsmen on the sideline of the twenty third Nigeria Economic Summit in Abuja, explained that the privatization of PHCN is not working, adding that most of the discos are heavily indebted to banks, making it difficult to attract new investments

She said there is the need for the operators in the power sector to sell some of their stakes to new investors who have adequate fund and the required expertise

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