Reps probe NBET over travel, welfare expenses from N4bn regulatory income

Reps

The House of Representatives has subjected the acting Managing Director of Nigerian Bulk Electricity Trading (NBET) Plc, Johnson Akinowo, to intense scrutiny over the spending of N4.099 billion generated as regulatory income during the 2025 fiscal year.

The interrogation took place on Thursday during NBET’s appearance before the House Committee on Finance to defend its 2025 budget performance.

Raising concerns, the Committee Chairperson, James Faleke (APC, Lagos), questioned what he described as disproportionately high recurrent spending by the power sector agency.

He drew attention to several expenditure items, including N377.031 million spent on staff welfare out of an approved N377.658 million, and N76.939 million expended on miscellaneous expenses from a N78.838 million budgetary provision.

Lawmakers were particularly critical of NBET’s spending on travel-related items, amid an existing presidential directive restricting foreign trips by government officials.

Documents submitted to the committee showed that the company expended N470.122 million on international travels and training, nearly exhausting the N479.845 million approved for the purpose.

Further breakdown of NBET’s 2025 spending revealed N111.804 million spent on management, staff and board retreats; N71.379 million on board sittings and directors’ allowances; N36.313 million on professional fees; N48.779 million on conferences, seminars and exhibitions; and N31.858 million on refreshments and meals.

Other cost items queried by lawmakers included N9.713 million for cleaning and fumigation, N60.231 million for office and IT equipment maintenance, N68.552 million for office stationery and computer consumables, N65.530 million for local travel and transport, and an additional M79.103 million for local travel related to training. Personnel costs alone accounted for N1.780 billion.