The Senate has endorsed the proposed N140 billion 2026 budget of the South East Development Commission (SEDC), while warning that the funds must be managed with strict fiscal discipline and deliver measurable security and development outcomes.
Gatekeepers News reports that Mark Okoye, managing director and chief executive officer of the commission, presented the budget proposal before the Senate committee overseeing the SEDC on Tuesday, outlining plans focused on infrastructure renewal, industrialisation, private sector-led growth, and regional economic integration.
Of the proposed sum, N108 billion is earmarked for capital projects, N23.7 billion for recurrent expenditure, and N7.3 billion for personnel costs.
Okoye said the budget aligns with five strategic pillars: infrastructure development, economic empowerment, environmental sustainability, social development, and security and peacebuilding.
“We believe that in 10 years, we can achieve a $200 billion economy. We also believe that in eight years, the South East Investment Company should have a balance sheet of $1 billion,” he said.
He added that the commission’s broader objective is to reposition the region as a major investment hub.
“The core mandate of this vision is to position the south-east as Africa’s preferred investment destination,” he said.
Okoye noted that despite receiving no capital releases in 2025, the commission used the period to prepare feasibility studies and develop “bankable documents” for major projects. He said only N5 billion was released late in December, with about N957 million spent mainly on stakeholder engagement, investment promotion, and institutional setup.
“We have paid no salaries, no allowances, no emoluments. Everyone has contributed to ensure that we continue to move forward,” he said.
He disclosed that the commission had prepared a 100-day action plan to be activated once funds are released.
“We are not waiting to see money in the account before preparing. We are laying the groundwork simultaneously so that once resources come, we hit the ground running,” he said.
Okoye also appealed for continued legislative support and timely funding.
“The south-east is ready with the support of the national assembly, our partners are also ready across state actors and non-state actors,” he said.
Senators demand accountability, security impact
Lawmakers used the session to question how the budget would translate into concrete improvements, particularly in security and economic development.
Senator Tony Nwoye, representing Anambra North, stressed that development would remain limited without improved security and asked how the N2.5 billion security allocation would deliver tangible results.
Senator Kenneth Eze of Ebonyi Central urged the commission to manage public funds with private-sector efficiency and avoid spreading resources too thinly.
Senator Victor Umeh of Anambra Central described the commission’s plan as forward-looking and urged the federal government to release funds without delay.
“We have lost one year, you have taken time to work without money. But you have laid the foundation and critical plans to start the process,” Umeh said.
Senator Orji Kalu, chairman of the committee, warned that the commission must not become a conduit for political patronage.
“Our rules are simple: compliance, oversight, and feedback. This committee will be ruthless in oversight. We will not look at anybody’s face,” Kalu said.
“This commission must not be a place for siphoning money. It must rekindle hope and drive economic development.”
He added that the commission’s proposal appeared viable but stressed the need to move the region toward economic independence.
Commission says groundwork already in place
Speaking after the session, Okoye said the commission had focused on building institutional capacity and partnerships despite funding delays.
“We’ve done extensive stakeholder engagement, building the right foundation, meeting over 100 federal government agencies, meeting academia, meeting the national assembly, the critical stakeholders of the south-east,” he said.
He said the commission had also engaged diaspora groups, development finance institutions, civil society organisations, and media partners to strengthen implementation capacity.
Okoye thanked lawmakers for their scrutiny, noting that their oversight would help ensure accountability and measurable impact when the budget is implemented.
