Senate Slams NBET as ₦858bn Power Funds Sit Idle

Patrick Isaac

The Senate Committee on Finance has grilled the Nigerian Bulk Electricity Trading (NBET) Plc over an unreleased ₦858 billion appropriation meant to fix the power sector’s tariff shortfall, amid warnings that underfunding threatens Nigeria’s fragile electricity market.

NBET Acting Managing Director, Johnson Akinnawo, during the agency’s 2025 budget review and 2026 defence before Chairman, Muhammad Musa, revealed that only ₦60 million of the funds was released but procurement hurdles blocked its use.

Akinnawo highlighted the massive gap between generation costs and DisCo tariffs, saying it fuels NBET’s mounting debts to GenCos.

“Without government intervention, the market can’t stabilize,” he told lawmakers.

Established as a bulk trader to buy from GenCos and sell to DisCos while guaranteeing payments, NBET struggles with inadequate capitalisation, lawmakers noted.

Musa questioned tariff reviews or alternative funding and probed plans for more capital.

Akinnawo admitted engaging the Budget Office and Finance Ministry on the holdup.Musa directed NBET to submit a detailed funding proposal and strategy.

The committee will review it amid heightened scrutiny of the power sector’s woes.