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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).
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.
“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.
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.
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.
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.
“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.
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.
News
Troops Rescue 14 abductees, recover 281 rustled livestock in Sokoto
Troops of the Nigerian Army’s 8 Division Garrison have rescued 14 kidnapped victims and recovered 281 rustled livestock following an operation against bandits in Shagari Local Government Area of Sokoto State.
A security source familiar with the operation disclosed the development to journalists in Sokoto on Wednesday.
The source, who requested anonymity, said the troops responded swiftly to a distress call on Tuesday after bandits attacked Horo Birni Village and abducted several residents while rustling livestock.
According to the source, the troops intercepted the bandits as they were moving the kidnapped victims and the stolen animals, forcing them to abandon their captives and flee.
The operation led to the successful rescue of all 14 victims and the recovery of 281 livestock.
The source attributed the success of the operation to the troops’ prompt response and effective collaboration among security agencies.
“The troops are always battle-ready to tackle all forms of criminality in the country but need sustained community support and vigilance,” the source said.
In a related development, operatives of the Enugu State Police Command have rescued four kidnap victims during separate operations in Enugu and neighbouring Benue State, while recovering the body of another victim who was allegedly killed by his abductors.
The Command’s spokesperson, SP Daniel Ndukwe, said the rescues were carried out through coordinated intelligence-led operations involving police operatives, the Nigerian Army, the Enugu State Forest Guards, neighbourhood watch personnel, vigilante groups and the Benue State Civil Protection Guards.
One of the operations led to the rescue of two brothers who were abducted at Ezimo-Ulo in Udenu Local Government Area of Enugu State.
According to Ndukwe, operatives from the Udenu Police Division, the Anti-Kidnapping Section of the Command’s Violent Crime Response Unit (VCRU), the Distress Response Squad (DRS) and the Orukam Police Division of the Benue State Police Command tracked the kidnappers to Ikele in Owukpa Community, Ogbadibo Local Government Area of Benue State.
The operation, which also leveraged the Inspector-General of Police’s Handshake Patrol initiative, culminated in a gun battle that forced the kidnappers to flee with suspected gunshot wounds, allowing the victims to be rescued safely.
Security operatives recovered 15 rounds of live ammunition, the victims’ Android phones and car keys, other mobile phones and accessories, a bottle containing substances suspected to be hard drugs and related paraphernalia, clothing items and ₦11,800 from the kidnappers’ hideout.
The victims were later debriefed and reunited with their family.
In a separate operation, operatives of the Umabor Police Division, working with the Anti-Kidnapping Section of the VCRU, the Enugu State Forest Guards and neighbourhood watch personnel, rescued two other victims who had been kidnapped at Amukpa Village in Ogbozara Community, Nsukka Local Government Area.
Police, however, said another victim did not survive the ordeal. His decomposing body was recovered from a forest, where investigators believe he died from gunshot wounds inflicted by the kidnappers while in captivity.
Ndukwe said investigations were ongoing and that security operatives had intensified efforts to track down the fleeing suspects involved in both incidents.
News
Finally, Woro Abductees Regain Freedom — Kwara Govt
No fewer than 176 abducted during the deadly February 3 terrorist attack on Woro and Nuku communities in Kaiama Local Government Area of Kwara State have regained their freedom.
The development was announced on Wednesday in a post on the official Facebook page of the Kwara State Government, which was sighted by our correspondent.
The government wrote, “Alihamdulillaah and kudos to President Bola Ahmed Tinubu GCFR, security forces, and everyone who played a role in this huge feat. We are grateful!”
The victims, who are mostly women and children, were abducted by bandits on February 3, 2026.
Addressing a Channels Television crew in her office, the Commissioner for Communication, Bola Olukoju, expressed appreciation to President Tinubu, the military hierarchy, and the state governor for their roles in securing their release.
She said efforts to secure their freedom had been ongoing, adding that the exact number of those released could not be disclosed yet until further information is received from the military, who currently have the victims in custody.
“Yes, our Woro victims have been released. We are still awaiting more details from the military, but first and foremost, we would like to say a big thank you to the President, Bola Ahmed Tinubu, and the Nigerian military, and our governor, Mallam AbdulRahman Abdulrazak, who hasn’t rested since it happened,” the commissioner said.
“And he has been on it. When people ask: what is he doing? What has been going on behind the scenes, but because it’s a security issue, we can’t tell people about what we are doing.
“But to God be the glory; they have been released. We’re expecting more details.”
News
Osun Poll: Imole Campaign Council Accuses EFCC of Using Anti-Graft Powers to Influence Election
By Gloria Ikibah
The Imole Campaign Council (TICC) has accused the Economic and Financial Crimes Commission (EFCC) of abusing its statutory powers by freezing the Osun State Government’s accounts barely days before the governorship election of the state, alleging that the action amounts to political interference aimed at undermining the democratic process.
In a statement issued on Thursday by the Chairman Media and Publicity Committee, Rep. Bamidele Salam, the campaign council described the development as an unprecedented misuse of authority capable of disrupting governance and denying residents access to essential public services.
Salam argued that the timing of the action, coming about 10 days before the governorship election in which the incumbent governor is seeking re-election, raises serious concerns over the motive behind the decision.
He said: “The Imole Campaign Council (TICC) has accused the Economic and Financial Crimes Commission (EFCC) of going outside its mandate by interfering in the upcoming governorship election in Osun State, describing the freezing of Osun State Government account a few days to the election as a brazen abuse of authority and attack on the people.
“It is quite ludicrous that a body set up to fight infractions in the society is invariably enabling it. Nothing, other than politics can accurately explain the reprehensible action of the EFCC to freeze the account of Osun State Government just 10 days to election which the incumbent is a candidate.”
The council contended that the freezing of the state’s accounts had effectively crippled the government’s ability to discharge its constitutional responsibilities.
According to Salam, the action could affect the payment of workers’ salaries and pensions, execution of infrastructure projects, security operations and other essential public services.
“By implication, the EFCC as a body set up by law is frustrating a sub-national government from carrying out its lawful duties of payment of salary and allowances, pensions, fixing infrastructure, addressing security challenges and carrying out other duties which the Nigerian Constitution has entrusted unto the state”, he added.
The council further alleged that the anti-graft agency’s decision amounted to an assault on democratic governance and the rights of the people of Osun State.
“The EFCC has in other words executed a coup against the democratic expression of over five million citizens of a supposedly democratic country.
“In plain sight, what the EFCC has done is to recklessly weaponise its authority to exert economic pressure on Osun people in the bid to coerce them into schemed political choice”, Salam stated.
Salam also warned that the development could disrupt critical public services, including healthcare programmes, insisting that public institutions should never be used as political tools.
“With the politically motivated action of the EFCC, many essential services, including planning for some public health interventions, can no longer go on.
“This is very unfair to Osun people because we believe that public institutions should never become a political weapon against ordinary citizens”, he expressed worries.
While reiterating the council’s support for transparency and accountability in public office, Salam maintained that the anti-corruption campaign must not be used as a cover for political persecution.
The campaign organisation urged the commission to immediately reverse its decision and allow the state government to continue its operations without hindrance.
“As much as we are not opposed to accountability in governance, we state our total rejection to political witch-hunting disguised as corruption fight.
“The EFCC approach, timing and the follow-up posture all have politics written over it, and we want to call on the anti-graft body to immediately stop further attempts to interfere with the will of Osun people.
“We maintain that Osun people have every rights to democratic choices via the poll and as such, will not accept the subtle attempt by the EFCC to subdue their wills through abuse of authority.
“We therefore call on the EFCC to immediately unfreeze the account so that governance can continue and the people can get the services they deserved”, he said.
The EFCC had not issued a response to the allegations at the time of filing this report.
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