Mirian Gom 
ABUJA, Nigeria – Nigeria’s House of Representatives Committee on Finance questions the management of Nigerian Bulk Electricity Trading Plc (NBET) over the use of ₦4.099 billion in regulatory income, suspending consideration of its 2026 budget proposal.
The committee raises concerns on Thursday during a 2025 budget performance review, citing heavy spending on welfare, travel and administrative costs.
Committee Chairman Abiodun Faleke highlights expenses including ₦377 million on welfare packages, ₦470 million on international travel, and over ₦111 million on retreats and board meetings.
Lawmakers also fault NBET for overseas travel allegedly conducted despite a presidential directive restricting foreign trips.
Acting Managing Director Johnson Akinowo defends the expenditures, insisting all trips received approvals from the Secretary to the Government of the Federation or the Head of Service.
“Some engagements were unavoidable due to Nigeria’s international financial obligations,” Akinowo says, citing the World Bank Spring Meetings linked to federal guarantees.
He further reveals that only ₦60 million of the ₦855 billion approved for power sector reforms has been released.
Explaining regulatory income, Akinowo says the funds are part of the electricity market framework, enabling agencies such as NBET, NERC and TCN to operate without recurrent budget allocations.
On alleged undeclared December 2025 revenue, he describes the issue as procedural, tied to invoice timelines.
The committee orders NBET to submit comprehensive documentation of all 2025 expenditures and suspends its 2026 budget defence until February 10, 2026, when the Accountant-General of the Federation is expected to appear.
About the Author
Korede Abdullah 
Oluwatobi Adu 