FG approves N57bn monetisation arrears for PHCN workers
The Federal Government said on Thursday it had provided more than ₦57 billion, required to address the arrears of monetised benefit of workers of the Power Holding Company of Nigeria (PHCN).
Goodluck Jonathan made this known in Lagos at the launch of the National Electric Power Roadmap.
Mr Jonathan explained that the fund was provided through a supplementary budget to cater for the monetisation arrears of the workers, which have been outstanding for more than seven years.
NAN recalls that the workers embarked on a nationwide strike on Wednesday over the unpaid arrears, as a result of which the entire nation was plunged into darkness.
However, the workers called off the strike on Thursday.
The President said government was committed to ensuring that it met its obligations to workers, as well as pay due attention to their concerns.
He said funds had also been provided in the same supplementary budget to address the workers' severance, pension and gratuity payments upon privatisation of their various companies.
Mr Jonathan restated government position to liberalise the electricity industry, but assured the workers that their interest would not be compromised.
"It should be obvious that the electricity industry can only expand just like telecommunications industry grew after the introduction of liberalisation. "Existing PHCN staff will expectedly form the nucleus of the workforce of the new private sector-driven electricity industry.
"It, therefore, will be to their benefit to see reform in the sector as a panacea for progress in their individual lives and the growth of the sector," he