Senate probes alleged monumental fraud in power ministry, summons Fashola over controversial N125bn contracts

macfranc007 November 08, 2017 Nigeria News today & Breaking news ▷ Read Nigerian newspapers 24/7 Kess Ewubare

- Senator Dino Melaye raises motion on alleged controversial contracts in power ministry

- The upper chamber states that a lot of questions are begging for answers as regards the $29 million paid to General Electric and the $6 million paid to other consultants

- President Buhari addresses a joint session of the National Assembly on the 2018 budget

The Nigerian Senate has commenced investigation into the alleged monumental fraud in the power ministry.

The probe into the alleged irregularities commenced on Wednesday, November 8, after Senator Dino Melaye moved a motion on the issue during plenary.

While making his submission, Melaye read out details of how the sum of $350 million was taken by the federal government out of the proceeds of the July 2013 $1 billion Eurobond issue and released to Nigeria Electricity Bulk Trading Company as shareholder contribution to shore up capitalization.

Following Melaye’s submission, the Senate stated that a lot of questions were begging for answers as regards the $29 million paid to General Electric and the $6 million paid to other consultants.

The Senate then mandated its committee on power, public accounts to invite the minister of power, works and housing, Babatunde Fashola, to render a detailed account in terms of the public fund spent on the fast power project.

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The lawmakers also mandated the committee to investigate and consider summoning the Nigerian Sovereign Investment Authority (NSIA) and the Nigerian Electricity Bulk Trading Company (NBET) to establish the status of the funds and reports back to it in two weeks.

See tweets from the Senate deliberation below:

The Senate probe of the alleged controversial contracts in the power ministry comes a day after President Muhammadu Buhari met with a joint session of the National Assembly for the presentation of the 2018 budget, a constitutional requirement in Nigeria.

NAIJ.com earlier reports that Buhari at the session laid the budget of N8.6 trillion to the National Assembly.

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