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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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Just in: Senator Natasha tenders satirical ‘apology’ to Akpabio

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In a move that has sent shockwaves through Nigeria’s political landscape, Senator Natasha Akpoti-Uduaghan (PDP, Kogi Central) has penned a biting, satirical letter of “apology” to Senate President Godswill Akpabio, laced with sarcasm and veiled criticism. The letter, which surfaced on social media on Sunday evening. The post read:

From the Desk of Senator Natasha Akpoti Uduaghan

Dear Distinguished Senate President Godswill Akpabio,

It is with the deepest sarcasm and utmost theatrical regret that I tender this apology for the grievous crime of possessing dignity and self-respect in your most exalted presence. I have reflected extensively on my unforgivable failure to recognize that legislative success in certain quarters is apparently not earned through merit, but through the ancient art of compliance — of the very personal kind.

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How remiss of me not to understand that my refusal to indulge your… “requests” was not merely a personal choice, but a constitutional violation of the unwritten laws of certain men’s entitlement. Truly, I must apologize for prioritizing competence over capitulation, vision over vanity, and the people’s mandate over private dinners behind closed doors.

I now realize the catastrophic consequences of my actions: legislation delayed, tempers flared, and the tragic bruising of egos so large they require their own postcodes. For this disruption to the natural order of “quid pro quo,” I bow my head in fictional shame.

Please find it in your magnanimous heart — somewhere buried deep beneath layers of entitlement — to forgive this stubborn woman who mistakenly believed that her seat in the Senate was earned through elections, not erections.

I remain,
Yours in eternal resistance,
Senator Natasha H Akpoti Uduaghan
Unafraid, Unbought, and Unbroken

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FG warns against growing threat of cyber-slavery in West Africa

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The Ministry of Foreign Affairs on Sunday raised the alarm over the growing threat of cyber-slavery in West Africa, which is increasingly targeting vulnerable young Nigerians.

In a statement signed by Mr. Kimiebi Imomotimi Ebienfa, spokesperson for the ministry, it was revealed that many young Nigerians, including underage teenagers, are being lured out of the country with false promises of lucrative job opportunities abroad, especially in crypto-related operations.

The warning comes after the recent rescue of about 231 Nigerians who were forced into cybercrime activities in Accra, Ghana.

The victims were rescued and are currently in the custody of the Economic and Organised Crimes Office (EOCO) in Accra.

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The government said, “In reality, these individuals are trafficked into sophisticated scam operations and enslaved to work in criminal “call centres” — often referred to as “419 cyber-scam factories.” There, they are forced under coercive and inhumane conditions to send thousands of fraudulent emails, text messages, and calls aimed at defrauding victims worldwide.

“This incident highlights the severe exploitation and abuse associated with cybercrime operations. It also underscores the need for enhanced efforts to combat such multibillion-dollar criminal networks and mitigate the susceptibility of victims.”

The Ministry therefore warned Nigerians, especially the youths and parents, to exercise utmost caution when presented with job offers, particularly those promising easy money, overseas travel, or remote work involving cryptocurrencies.

“Nigerians are therefore advised to verify all employment offers through official channels and report suspicious cases to relevant authorities for necessary investigation and action to curtail the activities of the perpetrators.

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“The Ministry wishes to assure the general public that, as a precautionary measure to address this unfortunate situation, the Federal Government is working closely with regional partners, law enforcement agencies, and international organizations to tackle this heinous crime, rescue victims, and bring perpetrators to justice.

“The Ministry remains committed to protecting Nigerian citizens at home and abroad and will continue to raise awareness about emerging threats to the welfare and dignity of our people,” Ebienfa further stated.

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Rivers pledges support for socio-economic progress, youth development

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The Rivers State Government has reiterated its commitment to strategic partnerships and collaborations aimed at enhancing economic growth through sustainable investments.

Also, the state government pledged its continued support for initiatives that drive socio-economic progress and youth empowerment.

The Rivers State Administrator, Vice Admiral Ibok-Ete Ibas (retd.) stated this during a meeting with the leadership of the Unity Schools Old Students Association led by its President-General, Michael Ibrahim Magaji, at Government House, Port Harcourt, on Sunday.

This was contained in a statement issued by the Senior Special Adviser to the Sole Administrator, Hector Igbikiowubo, and sent to newsmen.

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The visit followed the successful conclusion of the 3rd USOSA Sports Festival hosted in the State, an initiative designed to promote unity, cultural legacy, and societal impact.

Ibas commended USOSA for choosing Rivers State as the host of the event, describing it as a testament to the state’s peaceful and investment-friendly environment.

He emphasised that the government remains committed to fostering collaborations that stimulate economic benefits while advancing education and sports as key drivers of youth development and social cohesion.

The statement reads, “The Rivers State Government is open to partnerships and collaborations that enhance economic growth through enduring investments.

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“We recognize that initiatives like the USOSA Sports Festival not only promote unity but also contribute to the socio-economic vitality of our State. We will continue to support such programs that harness youth potential, create opportunities, and reinforce our collective belief in a prosperous Nigeria.”

Ibas further highlighted the government’s prioritization of education and sports, noting their role in shaping a stable and progressive society.

He assured USOSA of the state’s willingness to consider interventions in unity schools within Rivers State, aligning with the administration’s broader agenda for human capital development.

In his remarks, USOSA President-General Michael Magaji expressed gratitude for the state’s hospitality and reiterated the association’s commitment to fostering national unity through education and sports.

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He appealed for government support in rehabilitating facilities in unity schools across the state, a request the administrator pledged to review.

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