The Senate has intensified its oversight of the South East Development Commission (SEDC), demanding detailed explanations for billions of naira spent from funds released to the agency under the 2025 budget.
The development followed an investigative hearing of the Senate Committee on the South East Development Commission, where lawmakers raised concerns over several expenditure items contained in the commission’s financial records.
Chairman of the committee, Senator Orji Uzor Kalu, said records obtained from the Central Bank of Nigeria showed that the commission received N16.6 billion in budgetary releases, but only N13 billion remains in its accounts, indicating that about N3.6 billion has been spent.
Lawmakers questioned several expenditures, including an alleged N153 million paid for the rental of a one-room liaison office in Abuja and another N2.5 billion listed as implied expenditure. Senator Kalu described the financial report as unsatisfactory and insisted that all spending must be properly justified, while other committee members also demanded greater transparency in the management of public funds.
Responding, SEDC Managing Director Mark Okoye defended the agency’s expenditures, stating that all spending was prudently carried out based on actual cash releases to avoid unfunded liabilities. However, lawmakers remained unconvinced and directed the commission to submit comprehensive records of all contracts, payments, and supporting documents.
The committee gave the SEDC until June 23 to submit the requested documents and said the agency would be invited for further questioning after reviewing the submissions. The probe is part of the Senate’s ongoing oversight efforts to ensure accountability and transparency in the use of public funds.
