The House of Representatives Committee on Finance on Tuesday expressed displeasure over the refusal of the Nigerian Bulk Electricity Trading (NBET) PLC to state the amount its generated in its budget performance report.

The lawmakers raise the concern when the Managing Director/Chief Executive Officer of the agency, Dr. Nnaemeka Ewelukwa appeared before the committee to defend its 2024 budget.

The NBET is the manager and administrator of the electricity pool in the Nigerian electricity supply industry (NESI). The company purchases electricity from the generating companies through Power purchase agreements and sells them to distribution companies through Vesting Contracts.

Ewelukwa had made a presentation about the agency’s performance in previous years without stating in precision how much had been generated by the agency so far.

But a member of the committee, Hon. Wole Oke representing Obokun /Oriade federal constituency of Osun state, accused Ewelukwa of attempt to conceal important information from the committee.

Oke said: “I can’t see anywhere in your budget performance where your Internally Generated Revenue (IGR) was captured. You are ambushing this Committee and you must have a reason for doing so. What is the big deal about disclosure. By your submission, it shows something is missing and there is gap.

“As an organisation, you must have information about the amount of power you bought and sold. If I buy and sell, for instance, I should have figures of what i trade. You should give us a comprehensive report. If you don’t have accurate,: he said.

The lawmaker submitted that the agency officials should be asked to leave and provide all necessary information before they are allowed to sit before the committee.

“I submit that they need to give us comprehensive information in this arena,” he stated.

Responding, the NBTE boss refuted the allegation that he was concealing important information, disclosing that the organisation had generated about N1.6 billion so far.

But Chairman, House Committee on Finance, Hon. James Faleke, interjected while backing the submissions made by his colleague.

Faleke said: “Initially, I wanted to raise some issues. You buy and you sell. You are to present to us with the figures.

“Your personal and overhead cost must be clearly stated. You only put capital expenditure here. So should we approve your capital cost and not personal and overhead,l which you have no right to spend without approval.

“If you generate revenue and you are not presenting it to us, you are saying you can put that aspect aside without recourse to us. That is illegal,” he emphasized.

Faleke, therefore, directed that the NBTE officials go and do their homework, adding that they should reappear before the committee on Wednesday. (The Guardian)

Update news