House Grills NBET Boss Over N4bn Near-Budget Exhaustion in Welfare, Travels

By Linda Ike

The House of Representatives Committee on Finance on Thursday hauled up acting Managing Director of Nigerian Bulk Electricity Trading (NBET) Plc, Mr. Johnson Akinowo, over the utilisation of N4.099 billion in 2025 regulatory incomes, flagging near-total spending on welfare, travels, and retreats despite presidential bans.

Chairman of the committee, James Faleke voiced alarm at expenditures like N377.031 million on welfare out of N377.658 million budgeted, N470.122 million on international travels amid a Chief of Staff ban, N111.804 million on management retreats, and N68.552 million on stationery, among others with December revenues suspiciously undeclared.

Akinowo defended trips like World Bank meetings as SGF-approved and part of Finance Ministry delegations, explaining regulatory incomes fund operations per market design while capital comes via appropriation.

Faleke demanded full 2025 documents and approvals, suspending NBET’s 2026 budget defence to February 10.

The session also queried Finance Ministry’s N14.325 billion 2026 proposal, with Faleke challenging N5.2 billion capital allocation inconsistencies.

Minister of Finance, Wale Edun clarified it includes statutory debt servicing misclassified by the Budget Office, not core capex.

RMAFC Chairman, Mohammed Shehu added that engagements with revenue agencies are boosting fiscal compliance.