SERAP Urges President Tinubu to Probe N128 Billion Missing From Power Ministry, NBET The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to investigate allegations that over N128 billion was misappropriated or diverted from the Federal Ministry of Power and the Nigerian Bulk Electricity Trading Plc (NBET). Citing the Auditor-General’s 2022 and 2025 reports, SERAP highlighted missing funds, undocumented payments to contractors, irregular foreign travel expenses, unauthorized sub-account transfers, and extra-budgetary spending. SERAP urged prosecution of those responsible, recovery of the funds, and their use to address Nigeria’s 2026 budget deficit. The organization emphasized that tackling corruption in the power sector is essential to improve electricity supply and uphold constitutional and international anti-corruption obligations. SERAP warned it may take legal action if the government fails to act within seven days. #SERAP #Tinubu #PowerSectorCorruption #NBET #NigeriaNews #Accountability #AntiCorruption #ElectricityCrisis #PublicFunds

FG Launches N590bn Bond Issuance to Begin Clearing N4tn Power Sector Debt The Federal Government has started the repayment process for the N4 trillion owed to Power Generation Companies through a N590 billion inaugural bond offering. Backed by Federal Government guarantee, this first tranche is part of a comprehensive N4 trillion NBET Finance Company Plc Bond Programme. The package includes N300 billion in cash bonds for public subscription and N290 billion in non-cash bonds to be distributed directly to GenCos on matching terms.