Reps probes NBET over N4.10bn regulatory revenue

The Home of Representatives Committee on Finance, on Thursday, queried the Appearing Managing Director of Nigerian Bulk Electrical energy Buying and selling Plc, Mr Johnson Akinowo, over the utilisation of N4.10bn accrued from regulatory revenue within the 2025 fiscal 12 months.

The committee additionally suspended consideration of the company’s 2026 funds proposal.

The Chairman of the Home Committee on Finance, Mr Abiodun Faleke, expressed concern in Abuja in the course of the 2025 funds efficiency overview of the corporate, noting with fear a number of expenditure gadgets mirrored in paperwork submitted to the panel.

The Lagos lawmaker cited, amongst others, the sum of N377.03m spent on welfare packages out of an authorised N377.658m allocation and N76.93m on “different bills” from the N78.84m authorised, in addition to different recurrent expenditures within the 2025 funds.

Different committee members additionally faulted NBET administration over an alleged breach of a directive issued by the Chief of Staff to the President banning abroad journey, following using N470.12m on worldwide journey and transport for coaching out of an authorised N479.85m.

Based on the 2025 funds efficiency paperwork, the company spent N111.80m on administration, workers and board retreats; N71.38m on board sittings and administrators’ allowances; N36.31m on skilled charges; and N48.78m on conferences, seminars and exhibitions.

Different expenditures included N31.86m on refreshments and meals, N9.7m on cleansing and fumigation, N60.23m on upkeep of workplace and IT tools, and N68.55m on workplace stationery and laptop consumables.

Additionally, of concern to the Faleke-led committee had been the N65.53m spent on native journey and transport, N79.10m on native journey and transport for coaching, and N1.78bn on personnel prices, amongst others.

Lawmakers additional expressed concern over the non-declaration of income generated in December 2025 within the paperwork submitted for scrutiny.

Responding, Akinowo stated, “As a company accountable organisation, we’re guided by all of the stipulations and directives. Each journey that you just see that was funded had both an SGF or Head of Service approval. As an example, because the MD/CEO, if I’m going to journey, I require the SGF’s approval.”

He defined that among the journeys had been important to Nigeria’s worldwide monetary obligations: “I’ll offer you an instance. For the World Financial institution Spring Assembly, in relation to the Partial Threat Assure of the Federal Authorities of Nigeria, our presence was required to supply clarification.”

Akinowo added that he travelled as a part of a Federal Ministry of Finance delegation, noting that different businesses below the ministry had been additionally concerned.

On funding for energy sector reforms, the NBET boss disclosed that out of N855bn authorised by the Nationwide Meeting for the programme, solely N60m was launched by the Federal Authorities.

Explaining the character of NBET’s regulatory revenue, Akinowo stated such revenues had been a part of the electrical energy market construction.

“For the revenues of 2025, regulatory revenue for contributors within the electrical energy market is offered for them to run their operations,” he stated.

Based on him, the regulatory businesses embrace the Nigerian Electrical energy Regulatory Fee, the Transmission Firm of Nigeria, and era firms.

He added that regulatory revenues now exclude such businesses from recurrent appropriations.

On the alleged non-declaration of December 2025 income, Akinowo stated the matter was procedural: “Should you concern an bill in December and it’s not due for cost, if the contract says your bill is due 25 days after, and if that’s in 5 days in January or in February, then that’s what it’s, as a result of the laws takes care of it and is captured for transparency.”

Ruling on the matter, Faleke stated the committee resolved to make an omnibus request for paperwork from NBET, demanding proof of all expenditures incurred in 2025, together with approvals and waivers obtained from related authorities, such because the presidency.

Consequently, the committee suspended consideration of NBET’s 2026 funds proposal and adjourned the listening to to Tuesday, 10 February 2026, when the Accountant-Normal of the Federation is predicted to look earlier than it.

NBET’s 2025 funds efficiency has come below rising scrutiny amid persistent issues by lawmakers over weak fiscal self-discipline, rising recurrent expenditure and restricted affect of budgetary allocations on stabilising Nigeria’s electrical energy market. In earlier funds cycles, the Nationwide Meeting had queried the company over low capital funds implementation, delays in energy sector reform programmes and heavy dependence on regulatory revenue to fund operations.

Lawmakers have repeatedly raised issues that regardless of vital appropriations and interventions, challenges equivalent to liquidity shortfalls within the electrical energy worth chain, mounting cost obligations to era firms and gradual progress in market reforms have continued to persist, prompting nearer oversight of NBET’s monetary administration and funds execution.