House of Representatives Committee on Finance on Thursday grilled the Acting Managing Director of the Nigerian Bulk Electricity Trading, NBET, Plc, Johnson Akinowo, over the utilisation of ₦4.099 billion accrued from regulatory income in the 2025 fiscal year.
The probe which took place at the National Assembly, Complex Abuja also saw a review of NBET’s 2025 budget performance.
Speaking during the probe, the Chairman of the Committee, James Faleke, expressed concern over what he described as excessive spending on recurrent items, including ₦377.031 million spent on welfare packages out of an approved ₦377.658 million, and ₦76.939 million on other expenses from a ₦78.838 million budget.
Lawmakers equally queried the expenditure on retreats, board allowances, professional fees, conferences, office maintenance, local and international travels, as well as ₦1.780 billion spent on personnel costs.
In the documents, their was drawn to ₦470.122 million spent on international travels and training despite a directive from the chief of staff to the president restricting overseas trips.
Responding to questions over the excessive spending, the NBET boss claimed that he had complied with the directive, adding that all foreign travels received the necessary approvals from either the Secretary to the Government of the Federation or the Head of Service, citing engagements such as the World Bank Spring Meetings as critical to Nigeria’s power sector obligations.
He explained NBET’s revenue structure, noting that regulatory income is designed to fund the operational costs of electricity market agencies such as NERC, TCN, and the Independent System Operator, thereby excluding them from recurrent appropriations.
The NBET boss also clarified that only ₦60 million out of the ₦855 billion approved for the power reform programme was released in 2025, but remained unutilised due to procurement timelines.
On the issue of undeclared December 2025 revenue, he explained that invoices not yet due for payment are captured in subsequent fiscal periods in line with extant laws.
Ruling on the matter, Faleke informed that his committee has resolved to demand comprehensive documentation for all 2025 expenditures and approvals obtained by NBET, suspending consideration of its 2026 budget proposal until compliance.
The committee, thereafter adjourned proceedings to February 10 when the Accountant-General of the Federation has been invited to appear.
