The Senate is launching investigations into allegations that the Ministry of Power, Works and Housing is planning to divert the $350million from the Nigerian Sovereign Investment Authority NSIA to fund Fast Power Projects.

The Senate’s decision to begin the probe follows a motion by Senator Dino Melaye who is alleging that the Ministry of Power, Works and Housing is plotting to retrieve the money in NSIA which is meant for states owned Nigeria Electricity Bulk Trading Company and divert it for its Fast Power Project.

He said, “The Senate observes that this fund has been with the NSlA since 2014 and has helped build market confidence especially among new investors in the electricity market who see NBET’s positive balance sheet as a form of security that their investments are safe and that NBET has the wherewithal to meet its payment obligations.

“The Senate is alarmed that there is now a desperate attempt by the Federal Ministry of Power, Works and Housing to retrieve this fund and divert same to fund the so-called Fast Power Projects, which the ministry has already spent on public funds not appropriated by the National Assembly.”

“The Senate is further alarmed that since the introduction of the Fast Power Project by the Federal Ministry of Power, Works and Housing, a total sum of $350m has been spent by the ministry on Afam Power Project alone to pay $29m to General Electric as cost for turbines and $6m in consultancy fees to other entities respectively, all without requisite feasibility study of the projects and appropriation by the National Assembly as required by the constitution.”

The fund has been with NSIA since 2014 to help build market confidence especially amongst new investors in the newly privatised electricity market.

Another Federal Lawmaker Senator Mohammed Hassan in his contribution also wants the Senate to ascertain how much the Ministry of Power, Works and Housing spent on consultancy fees for the Fast Power Projects.

The Committee has been asked to report to the Senate in two weeks.