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NBET, MOFI Give Details Of 2024 Budget Performance, Presents 2025 Projections

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By Gloria Ikibah

Managing Director of the Nigerian Bulk Electricity Trading Plc (NBET) has given a breakdown of agency’s 2024 budget performance and its 2025 budget proposal to the House of Representatives Committee on Finance during the 2025 budget defence session.

In his presentation, the Managing Director, John Akinnawo disclosed that the 2024 operational expenses were fully funded through regulatory income approved by the Nigerian Electricity Regulatory Commission (NERC).

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Akinnawo who provided further details, listed disbursements to generation companies, amounting to N450 million, facilitated by the Accountant-General on behalf of NBET. He also highlighted the impact of foreign exchange fluctuations on generation costs, stating,

He stated, “I am happy to report that our operational performance for 2024 achieved a 95% implementation rate, with a revenue receipt of ₦2.4 billion and an expenditure of ₦2.3 billion.”

“Tariffs and gas costs are dollar-indexed. The significant movement of the Naira from ₦460 to over ₦1,600 to the dollar has resulted in substantial tariff shortfalls, estimated at ₦1.7 trillion in 2024.”

For the year 2025, NBET proposed a budget of ₦705 billion under the Power Reform Program, which the Federal Government has committed to funding. This amount according to the MD includes provisions to bridge the gap between the current non-cost-reflective tariffs and actual generation costs.

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“The Federal Government continues to fund the tariff shortfall to ensure stability in the power sector. However, the regulator must adjust tariffs to reduce the deficit”, he noted.

On regulatory challenges, he emphasised the need for greater public awareness regarding policies that allow community investments in transformers and other infrastructure to be recouped.

“We need widespread sensitization so that communities investing in their power networks can benefit from agreements with distribution companies approved by the regulator,” he said.

He also provided an update on NBET’s financial audits, stating that the 2023 audit, conducted by KPMG, was nearing completion, with plans to commence the 2024 audit soon.

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The committee members raising concerns over power generation, tariff policies, and funding shortfalls, especially in regions like Bayelsa that still experience significant electricity deficits due to vandalism.

In response, the Managing Director expressed empathy and reiterated NBET’s commitment to working within its mandate to support the government’s energy reforms.

The House Committee pledged to review NBET’s submissions as part of the broader effort to stabilize Nigeria’s power sector.

NBET’s proposal to use N800m to purchase project vehicles in 2025 was neither accepted nor rejected by the Committee.

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However, a member of the Committee, Leke Abejide (ADC, Kogi) asked, “Mr MD, you are requesting money to buy vehicles but you did not specify the kind of vehicles you want to buy. Where are you buying them from?”

Consequently, the Chairman of the Committee, Abiodun Faleke threatened to expunge the proposal for the purchase of vehicles if Akinnawo failed to justify why the agency needs as much as N800m for the purchase of new cars.

“Why spent N800m on vehicles? What sort of vehicles are you buying? If we don’t get answers to these questions today (Tuesday), we will expunge it,” Faleke said even as the NBET boss promised to avail the committee of all the information it requested.

Also the Managing Director of the Ministry of Finance Incorporated (MOFI), Dr. Armstrong Takang, outlined key updates on the 2024 budget performance and projections for 2025.

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Speaking on the 2024 appropriation, the Managing Director explained that funding for personnel expenses had been released as expected.

He added, “The releases from appropriated funds for personnel went ahead earlier, and the decisions that came out of that have been implemented.”

The presentation included a breakdown of variances in releases along with explanations for those variances.

Discussing MOFI’s portfolio of investments, he outlined different categories of companies under their oversight, and highlighted challenges with companies that are yet to turn a profit.

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“On page 3, for example, we see the GSI X2, which indicates all the companies we are working with and where we have investments. We also have a second category of companies where services will be transferred directly to GSI”.

“There is a third category of companies that are not profitable yet. We are working closely with these companies to ensure they achieve profitability,” he added.

Dr. Takang also addressed achievements with specific projects completed in 2024, as well as ongoing efforts with investment companies.

“There are several special companies and projects that were completed last year, and we continue to manage investments in companies where there is no debt, but significant opportunities for growth,” he noted.

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Looking ahead to 2025, he empemphasised  need to focus on investments in key categories.

“In the 2025 project proposal, we are prioritizing the second category of investments to drive financial growth and sustainability,” he stated.

There was discussions on strategies to ensure profitability across MOFI’s portfolio, as lawmakers commended the agency’s efforts, and urged greater transparency in the management of public investments.

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OPay Rubbishes Viral Shutdown Rumour, Warns Against Fake Publication

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By Our Correspondent.

 

Leading fintech company, OPay Digital Services, has dismissed as false and malicious a viral social media publication claiming that the company would embark on a prolonged break from September 1, 2026, urging its customers to withdraw or move their funds.

The fabricated publication, which gained traction across social media platforms on Sunday, purportedly warned OPay customers that the fintech would shut down its operations for an extended period beginning September 1.

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However, OPay, in an official response published across its verified social media platforms, described the claim as false, assuring customers that the company remains fully operational.

In a statement titled, “This is FALSE!”, the fintech said: “OPay is not going on break by September. We’re here, and we’re going nowhere! 💚”

The company further urged its customers and members of the public to scrutinise the viral publication for inconsistencies and rely only on its verified communication channels for authentic information.

“True OPay users know how to identify our official communications. Take a closer look at the viral post and you’ll spot the red flags.

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“Always verify before you share. Filter the noise! Follow our official pages for authentic OPay updates,” the company stated, ending the message with the hashtag, #OPayIsOkay.

Also reacting to the development, the Vice President, Public and Government Affairs, OPay Digital Services, Dr. Maxwell Loko, described the viral publication as “false, malicious and misleading.”

Loko said OPay was not shutting down and cautioned customers against taking any action based on the fabricated information.

“This post is false, malicious and misleading. OPay is not shutting down, and customers should not be misled into withdrawing their funds based on fabricated information,” he said.

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He urged members of the public to disregard the publication and depend exclusively on OPay’s verified platforms for official announcements.

“We urge the public to disregard this post and rely only on OPay’s verified communication channels for official information,” Loko added.

The OPay executive further warned that deliberate attempts to spread false information capable of creating panic or undermining confidence in a financial institution could attract legal consequences.

“The deliberate spread of false information designed to cause panic or undermine confidence in a financial institution is a serious matter and may have legal consequences,” he said.

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The development has also raised concerns over the growing use of fabricated digital content to damage the reputation of financial technology companies and potentially trigger unnecessary panic among customers.

While speculation has circulated in some quarters that the publication could be linked to competitive interests seeking to undermine OPay’s growing market position, no evidence has been publicly established to substantiate such claims.

OPay therefore advised its customers to exercise caution and verify financial or operational announcements through its authenticated communication channels before acting on them.

The company’s clarification effectively puts to rest the viral claim that it would cease or suspend operations from September 1, 2026, with OPay reaffirming that its services remain available to customers.

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70-year-old granpa nabbed for sexual assault of 8-year-old girl in Bauchi

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The Bauchi State Police Command has arrested a 70-year-old man, Usman Abubakar, over the alleged defilement of an eight-year-old girl in the Tsakanin Bayara area of Bauchi metropolis.

According to a statement issued by the Command’s Police Public Relations Officer, Superintendent of Police (SP) Nafiu Habib, the suspect was arrested following a complaint lodged at the ‘E’ Division, Yelwa, by the victim’s 48-year-old father on Wednesday, August 26, 2026.

According to the police, the father alleged that the suspect, who resides in the same area, lured his daughter to an uncompleted building on Sunday, August 24, where he allegedly sexually assaulted her.

The Command said its operatives immediately commenced action after receiving the report and arrested the suspect.

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The police further stated that the suspect allegedly confessed to the offence during interrogation.

Following the incident, the victim was taken to the Police Clinic for medical examination and necessary care.

The Commissioner of Police, CP Sani-Omolori Aliyu, condemned the alleged offence and assured members of the public that the matter would be thoroughly investigated.

The case has been transferred to the State Criminal Investigation Department (SCID), Bauchi, for discreet investigation and prosecution, according to the Command.

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The police reiterated their zero tolerance for sexual violence and child abuse, while urging parents, guardians and members of the public to remain vigilant and report suspicious activities to the nearest police station.

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Peter Obi sympathizes with victims of Abuja market fire

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Nigeria Democratic Congress, NDC presidential candidate, Peter Obi, has expressed sympathy with traders and business owners affected by the fire that gutted Eda Plaza in Jabi, Abuja, on Sunday.

Obi, in a statement posted on his X handle on Sunday, said the incident highlighted the need to strengthen Nigeria’s emergency-response systems, particularly the capacity of fire services.

A fire outbreak destroyed shops and goods reportedly worth millions of naira at the plaza, a building materials market opposite Chida Hotel in Jabi.

An eyewitness told the Nigerian Television Authority that the alarm was raised around 3am after a trader received a distress call about the fire.

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The eyewitness said the fire destroyed one of his brother-in-law’s two shops and a packing store, with roofing materials worth more than N20m reportedly lost in the blaze.

There were no reported casualties.

Reacting to the incident, Obi said his “heart goes out to the traders, artisans, workers, families and business owners whose goods, investments and livelihoods may have been affected by this unfortunate incident.”

He noted that the losses suffered by the traders represented more than merchandise, noting that they included years of savings, borrowing and sacrifice.

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“As a country, we cannot continue to lose businesses and livelihoods repeatedly to preventable disasters. Each time this happens, we gradually lose our productive capacity,” he said.

The former Anambra State governor said small businesses were “the backbone of our economy” and that losses suffered by traders could affect their families, workers and communities.

Obi urged authorities to strengthen emergency-response systems, particularly by ensuring that fire services were properly equipped and adequately staffed.

“As we grieve what has happened at Jabi Market, let us not wait for another market to burn before we act. Let this tragedy become a reason to strengthen our emergency-response systems, especially by ensuring that our fire service is properly equipped, adequately staffed and capable of responding swiftly to emergencies.”

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“We must protect our small businesses and ensure that Abuja, and indeed Nigeria, becomes a safer place to live, work and invest,” he added.

Obi also prayed for those affected by the incident and emergency responders.

“May God comfort every person affected by this disaster, restore the livelihoods that have been lost, and grant our emergency responders the strength and wisdom required at this difficult moment,” he said.

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