Q1 2013: FG Releases N45 Billion For Payment of PHCN Workers

[ChannelsTV]

The Federal Ministry of Finance said it has released the sum of N400 billion as first capital budget to give fresh impetus to the execution of projects captured in Budget 2013.

A statement released by the Special Adviser to the Coordinating Minister for the Economy and Minister of Finance, Paul Nwabuikwu said of this amount, N120 billion had been frontloaded to cater for two important initiatives.

The first of the two initiatives according to the statement is N75 billion for retiring bonds which have come due. This is in line with the new debt management strategy which focuses on reducing the stock and flow of debt in a proactive manner.

The second initiative is N45 billion for the payment of workers of Power Holding Company of Nigeria (PHCN).

Via: ChannelsTV