Senate Flags Discrepancies in NBET, FRC Budgets, Demands Revised 2026 Submissions

The Senate has raised fresh concerns over the budget performance and projections of the Nigerian Bulk Electricity Trading (NBET) Plc and the Fiscal Responsibility Commission (FRC), directing both agencies to return with revised 2026 estimates.

Speaking during a budget defence session before the Senate Committee, NBET Managing Director, Mr. Akinawo Johnson, revealed that the agency could not fully implement its 2025 budget due to delays in approval and release of funds. He explained that the budget was passed late in the fiscal year, leaving little time for execution of planned activities.

Johnson stated that although N858 billion was appropriated for the agency in 2025, only N60 million was released and the funds were yet to be accessed. He said the unspent allocation had been incorporated into the proposed 2026 budget, which now stands at N601 billion, to enable NBET meet critical operational and financial commitments within the electricity sector.

However, members of the committee expressed dissatisfaction with the figures presented and ordered the agency to submit a comprehensive breakdown of its 2026 proposal to the committee secretariat before Monday for further examination.

In a related development, the Managing Director of the Fiscal Responsibility Commission, Mr. Charles Abana, also appeared before the lawmakers to defend the commission’s budget proposal.

Chairman of the committee, Senator Sani Musa, emphasised the need for transparency, accuracy and fiscal discipline in budget presentations. He directed both agencies to review their submissions and return with corrected documents after conducting detailed internal assessments.

The committee reiterated its resolve to enforce accountability and ensure strict compliance with budgetary provisions through its oversight mandate.