My Take On $35M Spendings, Fashola Carpets The Senate

The Minister of Power, Works and Housing, Mr Babatunde Fashola has denied allegations of fraud levelled against his ministry over the spending of $35 million without Senate approval.


A senator, Dino Melaye, representing Kogi West, had raised in a motion at the floor of the Senate that a monumental fraud had been committed by the ministry in its bid to finance the Afam fast power project without the approval of the national assembly.


Melaye accused the ministry of taking the sum of $35 million out of $350 million ‎raised from a $1 billion Eurobond by the ministry in 2013.


The Senate had since mandated its committee of power to invite the minister to give detailed accounts of how the money was received and spent without its approval.


In a swift reaction by Fashola, said that there was no factual basis for the allegations, adding that the Senate should have written a letter to the ministry for clarification instead of raising it at the floor of the Senate.


He said, “The Nigeria Sovereign Investment Authority (NSIA) had on Monday, 6th November 2017 issued a Statement on the Front Page of The Nation Newspaper explaining that the money was not missing, stating also that the $350 million had been invested and that interest had even accrued on the money”.


To Fashola, there is an ulterior motive behind the Senate’s stance on the issue, adding, “We will collaborate with the committee set up to investigate us when the time comes.”

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