Senate Investigates Fashola For Spending $350m
The Nigerian senate is investigating the minister for power, works and housing Babatunde Fashola for allegedly spending $350m without approval.
In Wednesday’s plenary session, Senator Dino Melaye (Kogi-West) moved a motion titled ‘Monumental Fraud in the Power Sector’ where he said the $350m released to the Nigeria Electricity Bulk Trading Company Plc was from $1bn raised through a Eurobond in July.
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The Senate then asked its committees on Power and Public Accounts to invite the Minister of Power, Works and Housing, Babatunde Fashola (SAN), “to render a detailed account in terms of public funds spent on the Fast Power Projects (Afam Fast Power Project in particular); evidence of feasibility study indicating the viability of the projects; requisite appropriation by the National Assembly as required by the constitution; and the controversial presidential approval for the projects.”
It also mandated same committees “to investigate and consider summoning the Nigerian Sovereign Investment Authority, the Nigeria Electricity Bulk Trading Company, etc., to generally establish the status of the funds ($350m) and to report back to the Senate within two weeks.”
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