The Nigerian Bulk Electricity Trading (NBET) PLC’s unwillingness to disclose the amount it generates in its budget performance report infuriated the House of Representatives Committee on Finance on Tuesday.
When Dr. Nnaemeka Ewelukwa, the agency’s Managing Director/Chief Executive Officer, went before the committee to defend its 2024 budget, the MPs voiced their concerns.
In the Nigerian electricity supply business, the NBET is in charge of managing and administering the electricity pool (NESI). Through Power Purchase Agreements, the corporation buys power from the generating companies, and through Vesting Contracts, it sells it to distribution companies.
In his presentation on the agency’s past success, Ewelukwa had failed to specify the exact amount of revenue the agency has generated to date.
However, Hon. Wole Oke, a committee member who represents Osun state’s Obokun/Oriade federal district, charged Ewelukwa with trying to withhold crucial material from the committee.
“I can’t see where your Internally Generated Revenue (IGR) was captured in your budget performance,” Oke remarked. There must be a reason why you are ambushing this Committee. What the heck does disclosure mean? Your input demonstrates that there is a gap and that something is missing.
You as an organization need to be aware of how much power you have purchased and sold. For example, I need have figures of what I exchange if I buy and sell. You ought to provide us with an in-depth report. Should you lack precise.
The legislator said that before the agency representatives could appear before the committee, they ought to be ordered to vacate and furnish all relevant documentation.
“I suggest that they should provide us with thorough information in this field,” he said.
The head of NBTE responded, denying the claim that he was hiding material facts and revealing that the company had made approximately N1.6 billion in revenue thus far.
However, House Committee on Finance Chairman Hon. James Faleke intervened while endorsing his colleague’s submissions.
Faleke stated: “At first, I wanted to bring up a few points. Both buying and selling are done. You are to bring the numbers to us.
“You need to be very explicit about your personal and overhead expenses. This is where you solely enter capital expenses. Therefore, should we authorize your capital costs rather than your personal and overhead expenses, which you cannot spend without our consent?
“You are implying that you can disregard that part without coming to us if you make money but are not sharing it with us. That’s against the law.
As a result, Faleke gave the NBTE officials instructions to complete their homework and stated that they needed to return to the committee on Wednesday.
