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By Uche Usim
The Nigerian Bulk Electricity Trading Plc (NBET) has emerged as one of the biggest spenders in the 2026 federal budget, with a staggering N598.5 billion allocated to the agency under a single, broadly defined heading, raising concerns about transparency and accountability in public spending.
In the 2026 fiscal plan, NBET is allocated N598,500,000,000 for what is simply described as a “Power Reform Programme”. The vote, one of the largest single-line items in the entire budget, eclipses allocations to several key ministries and agencies combined, yet offers little insight into specific projects, timelines or expected outcomes.
The size of the NBET allocation contrasts sharply with the more modest votes to sector regulators and policy drivers. For instance, the Ministry of Petroleum Resources, which oversees Nigeria’s critical oil and gas industry, is allocated N71.6 billion for the year, with over 70 per cent of that sum devoted to personnel costs. Other oil and gas–related agencies, including NEITI and the Oil and Gas Free Zones Authority, received comparatively smaller and more itemised allocations.
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Budget analysts argue that the NBET vote reflects a trend of lump-sum funding under vague reform labels, limiting effective legislative oversight. Without a clear breakdown, it remains unclear whether the N598.5 billion is intended to settle legacy market debts, support power generation and distribution companies, finance subsidies or fund new reform initiatives under new laws.
Concerns are further heightened by the broader 2026 budget pattern, which features several large allocations under generic headings such as “Research and Development” across ministries and agencies, running into hundreds of billions of naira. Critics say such broad envelopes make it difficult to track performance, measure impact or hold spending agencies accountable.
Within the wider energy and infrastructure space, the NBET allocation sits alongside other controversial votes, including major security and administrative expenditures with limited project descriptions. Taken together, they have renewed calls for stricter budget scrutiny and clearer project definition during National Assembly defence sessions.
