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The Nigerian Presidency has revealed that over N360 billion has been spent on the payment of severance benefits to the former staff of the Power Holding Company of Nigeria, PHCN.
The President’s Adviser on Media, Dr. Reuben Abati revealed to Channels Television that the Bureau for Public Enterprise, BPE, has been the agency supervising this payments and that this is in accordance with the agreement on the settlement of the severance benefits of the workers.
As regards the breakdown, Director General of the BPE said that at the beginning of the privatisation process, N401 billion was spent on labour liabilities in the sector.
N315.6 billion was received from the sale of PHCN asset and Federal Governments contribution amounted to N360 Billion Naira.
He attributed the initial delay to the fact that some were not initially captured, while others deliberately refused to fill the forms provided.
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