After the South East Development Commission (SEDC) squandered billions of naira from the 2025 budget, the Senate stepped up its monitoring, seeking thorough explanations.
The Senate Committee on the South East Development Commission held an investigative hearing when senators voiced their worries about several expenditure items in the commission’s financial records, leading to this development.
Senator Orji Uzor Kalu, who is the committee chairman, revealed that the commission received N16.6 billion in budgeted releases, according to information obtained from the Central Bank of Nigeria. It appears that approximately N3.6 billion has already been spent, as only N13 billion is remaining in its accounts.
Legislators looked into other expenses, including what they claimed was a payment of N153 million for a one-room liaison office in Abuja and an indicated spending of N2.5 billion.
Senator Kalu criticised the commission’s financial report and emphasised the need for full justification of all expenditure.
More openness in the handling of public monies was demanded by a number of committee members who were unhappy with the commission’s paperwork.
In response to the criticisms, Mark Okoye, managing director of SEDC, defended the agency’s spending, saying that it was done carefully and with real cash releases to avoid unfunded obligations.
The commission was ordered by lawmakers to produce detailed records of all contracts issued, payments paid, and supporting papers pertaining to its expenses, even if they were not convinced by the explanation.
The committee extended the deadline for the SEDC to submit the needed documents to June 23. Following the evaluation of the records, the committee indicated that the commission will be invited for a future appearance.
The investigation is a component of the Senate’s continuous supervision of government agencies, which aims to guarantee openness and responsibility in the use of taxpayer monies.