“₦140bn Approved, Less Than 10% Released — SEDC Tells Senate”
The South East Development Commission (SEDC) has reaffirmed its commitment to transparency, accountability and regional development following an oversight session with the Senate Committee on the South East Development Commission at the National Assembly.
The interactive session, chaired by former Abia State governor and Chairman of the Committee, Senator Orji Uzor Kalu, formed part of the National Assembly’s constitutional oversight responsibilities and provided an opportunity for the Commission to account for its activities since the inauguration of its governing board in February 2025.
During the engagement, SEDC presented a detailed report covering its organisational structure, staffing, budget implementation, procurement processes, contracts, partnerships and ongoing programmes across the South-East.
According to the Commission, it also briefed lawmakers on engagements with state governments, federal institutions, development finance organisations and other stakeholders involved in driving development across the region.
The Committee requested additional documentation relating to specific areas of the Commission’s operations and programme implementation. SEDC said it welcomed the request and sought a short period to compile and submit the required materials.
Following discussions, the Committee adjourned proceedings to a later date, with the Commission expected to submit the requested documents on or before 23 June 2026.
Despite funding challenges, the Commission highlighted progress recorded over the past year, including preparatory work on major infrastructure projects.
“Since the inauguration of its Board, SEDC has advanced preparatory work on several strategic regional initiatives, including high-impact transformational projects such as the gas pipeline, railway projects etc”, it said.
The Commission also outlined a number of partnerships established with key institutions, including the United Nations Development Programme (UNDP), Afreximbank, the Rural Electrification Agency, the Bank of Industry, the Presidential Initiative on Compressed Natural Gas and the Gas Aggregator Company of Nigeria.
It said these collaborations were aimed at accelerating economic growth and supporting long-term development objectives across the South-East.
One of the major milestones highlighted during the session was the successful convening of consultations for the South East Vision 2050 initiative.
According to the Commission, the exercise brought together government officials, development partners, business leaders, academics, civil society groups and community stakeholders to develop a long-term roadmap for the region’s economic transformation and sustainable development.
SEDC also showcased its inaugural South East Venture Capital Programme (SEVCP), which it described as a flagship intervention designed to stimulate innovation, entrepreneurship and investment.
The Commission disclosed that 25 start-ups from across the region secured equity investments under the programme following a competitive and transparent selection process.
“Aligned with the vision of His Excellency, President Bola Ahmed Tinubu, GCFR, as articulated in the Renewed Hope Agenda, the initiative reflects a deliberate effort to strengthen entrepreneurship, private sector growth, and investor confidence in Nigeria’s economy”, the Commission stated.
According to the Commission, the programme is anchored within the South East Investment Company and is intended to build a more structured venture capital ecosystem capable of attracting institutional investors to support early-stage businesses with strong growth potential.
However, SEDC warned that the pace of implementation of many projects remains constrained by inadequate funding releases.
The Commission revealed that although ₦140 billion was appropriated to it in the 2026 budget, less than 10 per cent of the allocation has so far been released.
“Of the N140 billion appropriated to the Commission in the 2026 budget, less than 10% has been released to date across all budget lines”, itadded.
The Commission stressed that accelerated releases are necessary to enable the execution of critical infrastructure projects, economic development initiatives, agricultural transformation programmes, youth empowerment schemes and regional security interventions.
It noted that the scale of development required across the South-East demands sustained funding, institutional coordination and stronger collaboration among stakeholders.
Reaffirming its position on accountability, the Commission pledged full cooperation with the National Assembly and all oversight institutions.
“SEDC remains committed to full cooperation with the National Assembly and all relevant oversight institutions. The Commission views accountability, transparency, and constructive engagement as fundamental to the successful delivery of its mandate”, it further read.
The Commission added that it would continue to provide all information required to support effective legislative oversight while remaining focused on delivering measurable impact through disciplined planning, transparent governance, strategic partnerships and prudent management of public resources.
It also expressed appreciation to the National Assembly for its continued support and pledged to sustain collaboration aimed at promoting inclusive growth, shared prosperity and long-term development across the South-East.
