Senate Questions Ministry Of Power’s N478m Mortgage Loan

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The Nigerian Senate has probed the sum of N478 million deposited into the Aso Rock Savings and Loans Plc by the Ministry of Power.

In a report by the Auditor General of the Federation, the deposited sum was linked to the Zungeru Power Project at the upper and middle links of Kaduna River in Niger State.

According to the content of the report, the money will be used to settle workers that will be dispensed to allow for the start of the project.

It also added that it will go into the funding of the housing facilities that will be constructed to house staff of the power ministry.

The money, as stated by the report, was deposited into the account in December of 2013.

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The Auditor General’s notes queried the legitimacy of the funds, demanding that the ministry provides documents that support the project so that a proper audit check on the project can be conducted.

It stated, “The examination of various bank statements belonging to the Ministry of Power revealed that the sum of N2bn was deposited into Aso Savings and Loans Account since December 2013.

“The ministry should provide the backing documents to enable me to carry out proper audit checks on the operation of this account, particularly, the interest accrued on the deposit.”

Responding to the query, the Ministry of Power said that approval had been given by the Accountant General of the Federation in a letter dated December 20, 2012, and that the approval to open an account with Aso Savings and Loans Plc was given by the Office of the Accountant General of the Federation.

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