Senate Endorses N140bn South East Development Commission Budget, Vows Strict Oversight

The Senate has approved the proposed ₦140 billion 2026 budget of the South East Development Commission SEDC, pledging strict oversight to ensure fiscal discipline, measurable security outcomes and effective project delivery across the region.

The endorsement followed a budget defence session before the Senate committee overseeing the commission, where the Managing Director and Chief Executive Officer of the SEDC, Mark Okoye, presented the financial plan.

Okoye explained that the proposed budget is anchored on infrastructure renewal, industrialisation, private sector driven growth, venture capital development and regional economic integration.

According to the breakdown, ₦108 billion is allocated for capital expenditure, ₦23.7 billion for recurrent expenditure and ₦7.3 billion for personnel costs.

The commission said the budget is structured around five core pillars, including infrastructure development, economic empowerment, environmental sustainability, social development, and security and peacebuilding.

Okoye said the commission’s long term vision is to transform the South East into a major investment hub on the continent.

He stated that within ten years, the region could attain a ₦200 billion economy, while the proposed South East Investment Company is projected to reach a balance sheet value of one billion dollars within eight years.

“The core mandate of this vision is to position the South East as Africa’s preferred investment destination,” Okoye said.

He added that the commission is prioritising infrastructure delivery, bankable infrastructure projects, industrialisation and venture capital for young people in the region.

Okoye disclosed that despite the 2025 fiscal year recording zero capital releases, the commission used the period to prepare feasibility studies and bankable project documents.

He said only ₦5 billion was received from the 2025 allocation in late December, with about ₦957 million spent on stakeholder engagement, media outreach and investment promotion.

“We have paid no salaries, no allowances, no emoluments. Everyone has contributed to ensure that the commission continues to move forward,” he said.

Okoye revealed that a 100 day critical action plan has been developed and will be activated immediately funds are released.

He appealed to the National Assembly for sustained legislative backing and timely release of funds to enable the commission to commence full scale operations.

Members of the Senate committee used the session to press the commission on how the 2026 budget would translate into tangible security improvements and prudent financial management.

Senator Tony Nwoye of Anambra North questioned how the ₦2.5 billion regional security programme would deliver measurable impact without improved security architecture.

Senator Kenneth Eze of Ebonyi Central urged the commission to apply private sector discipline in managing public funds and avoid spreading limited resources across too many projects.

Senator Victor Umeh of Anambra Central described the proposal as visionary and called on the federal government to release funds without delay.

Chairman of the committee, Senator Orji Kalu, warned that the commission must not become a political platform.

“Our rules are compliance, oversight and feedback. This committee will be ruthless in oversight. This commission must not be a place for siphoning public funds,” Kalu said.

He added that the commission must rekindle hope and drive sustainable economic development in the South East.

Speaking after the meeting, Okoye said the commission has focused on building strong institutional foundations despite funding constraints.

He disclosed that extensive stakeholder engagement has been carried out with federal agencies, academia, development finance institutions, diaspora groups, civil society organisations and the media.

According to him, the groundwork already laid will enable the commission to move swiftly once capital funds are fully released.