The House of Representatives Committee on Finance on Thursday questioned the acting Managing Director of the Nigerian Bulk Electricity Trading Plc (NBET), Johnson Akinowo, over the utilization of ₦4.099 billion in regulatory income in 2025 and suspended consideration of the agency’s 2026 budget proposal.
The committee, chaired by Abiodun Faleke, raised concerns over multiple expenditure items, including ₦377 million on staff welfare, ₦470 million on international travel, ₦111 million on retreats, and ₦1.78 billion on personnel costs.
Lawmakers also faulted NBET for not declaring revenue generated in December 2025.
Akinowo defended the spending, saying all trips and expenditures were approved by relevant authorities and aligned with international financial obligations.
He noted that some international travels, including participation in the World Bank Spring Meeting, were essential for Nigeria’s power sector commitments.
He added that regulatory income, which fuels NBET operations, is separate from government appropriations and excludes regulatory agencies such as the Nigerian Electricity Regulatory Commission, the Transmission Company of Nigeria, and generation companies.
Faleke said the committee would request comprehensive documentation for all 2025 expenditures, including approvals and waivers, before resuming the budget review. The hearing was adjourned to February 10, 2026, when the Accountant-General of the Federation is expected to appear.
