NBET Board to Hold Emergency Meeting over N7.68bn Budgetary Allocation
The Nigerian Bulk Electricity Trading (NBET) Plc board is expected to meet this Friday (tomorrow) to discuss what an insider described as “strange” N7.68 billion budgetary allocations to the company in the 2021 budget.
An insider told THISDAY last night that the emergency board meeting was called as a result media report that alleged that ‘’the company was being used as a conduit to siphon public funds’’, especially when it was discovered that NBET Plc was allocated N7.68 billion in 2021 budget – for projects outside its mandates.
It was alleged that there was N630 million in its 2021 budget to buy transformers; a budget for “electrifying communities across the country” — a project that ought to have been handled by the Rural Electrification Agency (REA) charged with the responsibility of electrification of rural and unserved communities.
In the same budget, the NBET also allegedly proposed to provide 500KVA transformers for Uwan and selected communities in various states at the cost of N150 million; supply and installation of transformers in selected areas of Gombe North senatorial district at the cost of N100 million; N50 million for provision of 500KVA/11 and 300KVA/11 at different locations in Dawakintofa/Rimin Gado/Tofa, Kano State.
Other items NBET allegedly got approval for in 2021 budget to execute include, electrification of Nasarawa Toto, North Central zone at the cost of N30 million and electrification of Gudus, Nyalun, Kunkyam, Yuli and other selected communities in Plateau State at the tune of N300 million.
THISDAY gathered that even though these projects were outside NBET’s mandate, the company was alleged to have requested the Bureau of Public Procurement (BPP) to approve the award of the contracts.
However, one of the board members told THISDAY that some of them got to know about the issues through an online newspaper report, and wondered how those items got into the budget of a company with only mandate of buying power from the generating companies (GenCos) and selling to the distribution companies (DisCos).