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Plans at advanced stage to subsidize cost of electricity

Minister of Information, Mr. Labaran Maku said plans have reached advanced stage to subsidize cost of electricity for poor Nigerians under the Power Sector Roadmap.

He made this known at the second edition of the monthly briefing by the Ministry of Information on the performance of the economy.

Mr. Maku allayed fears that many Nigerians, especially those in rural areas, cannot afford the cost of electricity under private investors.

The Minister said the Federal Government has guaranteed that all Nigerians, irrespective of their social status, will have unhindered access to electricity when private investors eventually take over the power sector.

According to him, the planned subsidy and other programmes are all geared toward long term sustainability and genuine transformation of the sector.

He said the payment of severance package to PHCN staff is to be concluded by the end of October and physical handover to the new owners thereafter.

Mr. Labaran Maku said the successes recorded so far and the projected growth in the sector represented the ingenuity of the transformation to turn deficit into opportunities for investments in the power sector.

He appealed to Nigerians to be patient with the President, noting that the benefits of the planning and investments in the sector in the past few years would soon begin to yield results.

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