The Federal Government said on Wednesday that there was no going back on plans to privatise the Power Holding Company of Nigeria in order to stabilise electricity supply in the country.
The Special Adviser on Power to President Goodluck Jonathan, Prof. Barth Nnaji, at a meeting with the Speaker of the House of Representatives, Mr. Dimeji Bankole, in Abuja on Wednesday, disclosed that about 50,000 PHCN workers would be laid off next year as part of the privatisation process.
Nnaji, who is also the Chairman of the Presidential Task Force on Power Reform, explained that after the lay-off, the 18 companies carved out of PHCN would be handed over to private investors.
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