By Mercy Aikoye
The House of Representatives has quizzed the acting Managing Director of the Nigerian Bulk Electricity Trading (NBET) Plc, Mr. Johnson Akinowo, over the utilization of N4.099 billion accrued from regulatory incomes in the 2025 fiscal year.
The House Committee on Finance, led by Hon. Abiodun James Faleke, expressed grave concern over various expenditures incurred by the company.
The committee questioned expenditures including N377.031 million spent on welfare packages, N76.939 million on other expenses, and N470.122 million on international travels and transport.
Akinowo explained that the company followed the directive issued by the Chief of Staff to the President, banning overseas travels, and that all travels were approved by the relevant authorities.
Akinowo clarified that the regulatory income is used to fund the operations of the electricity market agencies, including the Nigerian Electricity Regulatory Commission (NERC), Transmission Company of Nigeria (TCN), and GENCO of Nigeria. He added that the actual revenue is in line with extant rules, and NBET funds the capital component of the annual budget from Appropriation Act.
The committee also expressed concern over the non-declaration of revenue generated in December 2025. Akinowo explained that if an invoice is issued in December and is not due for payment until January or February, it is not accounted for in the current year’s revenue.
The committee resolved to make an omnibus request from NBET, demanding documentary evidence of all expenditures incurred throughout 2025, as well as approvals and waivers obtained from relevant authorities.
Hon. Faleke ruled that the committee would suspend the consideration of the 2026 budget proposal and adjourned to Tuesday, February 10, 2026.
The House Committee also queried the proposed 2026 budget of ₦14.325 billion for the Federal Ministry of Finance, with lawmakers raising concerns over discrepancies in the capital expenditure component.
Minister of Finance, Wale Edun, explained that the disputed capital figure was captured by the Budget Office and includes debt servicing obligations.
Edun stressed that the bulk of the capital allocation relates to statutory debt service entries, which are not part of the ministry’s regular capital expenditure.
The Chairman of the Revenue Mobilization, Allocation and Fiscal Commission (RMAFC), Mohammed Shehu, disclosed that the commission is engaging several revenue-generating agencies to resolve long-standing fiscal and remittance issues.
Shehu noted that renewed consultations are already yielding progress, with agencies increasingly approaching the commission to address lingering concerns around revenue accountability and framework compliance.
“Yes, we are very aware of it and as a corporate responsible organization, we are guided by all the stipulations of that directive,” Akinowo said, responding to allegations of non-compliance with the ban on international travel.
