FG investment committee engages NBET on power sector financing, debt recovery

The Investment Committee of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has engaged the Nigerian Bulk Electricity Trading PLC (NBET) in Abuja as part of efforts to strengthen revenue oversight and enhance transparency in Nigeria’s power sector.

The delegation, led by Ekene Enefe, Federal Commissioner representing Anambra State, said the visit was in line with the Commission’s constitutional mandate under Section 6 (2) of the RMAFC Act 2025, which empowers it to request and obtain relevant information from government agencies and private sector operators.

According to Enefe, the meeting was convened to deepen the Commission’s understanding of NBET’s activities, roles and challenges in managing electricity trading on behalf of the Federal Government.

He recalled that during a recent session with the Niger Delta Power Holding Company (NDPHC), concerns were raised about NBET’s indebtedness to the company, a development that necessitated direct engagement with NBET to evaluate ongoing efforts at recovering outstanding funds.

“Since government intervention in the power sector is a continuous process, RMAFC has initiated activities to review the revenue allocation formula with a view to ensuring adequate funding of critical federal government projects, especially in the area of infrastructural development,” Enefe stated.

In his response, the Managing Director and Chief Executive Officer of NBET, Mr. Johnson Akinnawo, described the agency as a “special trader” within the Nigerian Electricity Supply Industry (NESI).

He explained that NBET purchases power in bulk from generation companies (GenCos) and resells to distribution companies (DisCos), playing a stabilising role in the electricity value chain while encouraging private sector investment in power generation.

Akinnawo noted that while NBET facilitates debt recovery between GenCos and DisCos, the Nigerian Electricity Regulatory Commission (NERC) and the Central Bank of Nigeria (CBN) are responsible for real-time income monitoring and sanctioning defaulting operators.

He assured the visiting team that NBET would share a detailed list of indebted GenCos to aid RMAFC’s ongoing review and also disclosed plans to organise an interactive session involving key stakeholders, with the Commission expected to participate.