BEVERLY HILLS, January 28, (THEWILL) – The Senate on Thursday opened fresh investigation into the sale of 10 National Integrated Power Projects (NIPP) by the Bureau for Public Enterprises (BPE) directing its Committee on Power and its Committee on Privatisation to look into the sale of the power projects.
The Federal Government had invested over $8.2 billion in the 10 power projects, which were later sold for $5.8 billion in 2014 with Senate president, Bukola Saraki, expressing displeasure at how a government agency would decide to wave $3 billion and sell the projects for $5 billion, after over $8 billion investment.
Saraki therefore stressed that the Senate must set example with any agency of government that encouraged revenue leakages, saying, “the privatisation of some of the companies must be properly investigated. You wonder how an agency can on its own, write off over $3 billion without any referral to anybody.
“We cannot be carrying out some of these investigations and not bring them to conclusion. We must bring them to conclusion and see that actions are taken.”
While directing the committees to report back in four weeks, Saraki stressed that the alleged non-payment of tax by some of the companies in the power sector amounted to revenue leakages.
The Senate also directed the investigation into preparation, execution and implementation of the management contract for Transmission Company of Nigeria.
It directed investigation of the roles of all persons involved in these matters and ascertain the relevance of BPE on the board of Distribution Companies of Nigeria (Discos).
The Senate thereafter adjourned plenary to February 16 and dissolved into sub-committees to begin consideration of the budgets of Ministries, Departments and Agencies.
Story by David Oputah
