‘Senate 5%’: NBET to hold emergency meeting tomorrow over N7.6bn allocation

‘Senate 5%’: NBET to hold emergency meeting tomorrow over N7.6bn allocation

The Nigerian Bulk Electricity Trading (NBET) Plc will tomorrow hold an emergency meeting to deliberate over the questionable N7.6bn allocated for the “senate” in its 2021 budget.

iBrandTV gathered that the meeting was organised on the backdrop of media report alleging 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.

Findings also shows that the 2021 approved budget of NBET, contains an item without a code number tagged “Senate 5%”.

A breakdown of the fund shows that, N630 million in its 2021 budget was set 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.

Also contained in the budget, was a proposed N150 million for the purchase of 500KVA transformers for Uwan and selected communities in various states, along with the 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.

Despite the projects being outside NBET’s mandate, the company was alleged to have requested the Bureau of Public Procurement (BPP) to approve the award of the contracts.

It is still unclear what NBET plans to do with the staggering sum for the senate as Nnaemeka Ewelukwa, NBET’s chief executive officer, did not respond to calls and messages sent to him.

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