By Onyeanya Ebere Immaculata
The House of Representatives Committee on Finance has queried the acting Managing Director of Nigerian Bulk Electricity Trading Plc (NBET), Johnson Akinowo, over the utilisation of N4.099bn in regulatory income in 2025 and suspended the agency’s 2026 budget defence.
The committee, chaired by Abiodun Faleke, took the decision on Thursday in Abuja during NBET’s 2025 budget performance review, citing concerns over several expenditure items and alleged non-compliance with a presidential directive restricting overseas travel.
Faleke questioned NBET’s spending on welfare packages (N377.03m), “other expenses” (N76.93m), and international travel and training (N470.12m), despite the travel restriction directive issued by the Chief of Staff to the President.
Lawmakers also raised concerns over other recurrent expenditures, including N111.80m for management, staff and board retreats; N71.38m for board meetings and directors’ allowances; N36.31m for professional fees; and N48.78m for conferences, seminars and exhibitions.
Further items listed included N31.86m for refreshments and meals, N9.7m for cleaning and fumigation, N60.23m for office and IT equipment maintenance, and N68.55m for stationery and computer consumables.
The panel also queried N65.53m spent on local travel and transport, N79.10m on local travel for training, and N1.78bn on personnel costs. It additionally faulted NBET for failing to declare revenue generated in December 2025.
Responding, Akinowo said NBET complied with applicable guidelines and obtained approvals for official travels. He said some trips were necessary to meet Nigeria’s international financial obligations, citing the World Bank Spring Meetings linked to the Federal Government’s Partial Risk Guarantee.
He also disclosed that only N60m had been released out of the N855bn approved by the National Assembly for power sector reforms.
Faleke said the committee would request comprehensive documentation on NBET’s 2025 spending, including approvals and waivers, and adjourned the hearing to Tuesday, February 10, 2026.
