PHCN's debt profile hits N100bn 'May publish names of institutional debtors

THE management ofPower HoldingCompany of Nigeria (PHCN) has said huge debt profile may hinder the success of transformation agenda embarked upon by the Federal Government in the power sector.Speaking with the Nigerian Tribune in Lagos, on Thursday, at a consumer parliament, Mr Oladele Amoda said within the Eko Distribution Company network, customers were owing about N8 billion as of August 2011.'This is the least owed by customers in all the 11 distribution companies across the nation. Other distribution companies are being owed well above N10 billion each and if you add these together, the debt profile is well over N100 billion,' he said.In his presentation, the Assistant General Manger, Customer Service, Eko network, Mr F.M. Sadiku, gave the breakdown of the debt as N3,494,803,054 for commercial consumers; N579,435,995.73 for industrial consumers; N68,268,847.62 for street lighting; N257,249,305.77 for special tariff customers and N3,561,136,928.94 for residential consumers.He disclosed that Eko distribution network had a customer population of 314,761 out of which 5,260 were maximum demand customers; 237,770 as residential customers, while 71,731 were commercial customers.Amoda noted that despite being given annual budget to cover overhead cost, the military and other government establishments were responsible for over 65 per cent of the debt.
Click here to read full news..