The Chairman of the committee, Sen. Abdullahi Gumel, made this known in an interview with the News Agency of Nigeria in Abuja on Tuesday.
He said that the investigation was prompted by allegations that some states that accessed the funds diverted them to other use, leaving a backlog of salary arrears yet paid.
On whether the National Assembly has oversight powers over states, the lawmaker said that the committee was specifically investigating the disbursement of the bailout funds, which it had powers over.
He said that though state assemblies had oversight powers over the States, the assignment of the committee was based on funds given to States by the Federal Government.
According to him, the senate has the powers to investigate the bailout because the money belongs to the Federal Government.
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