Nigeria’s Senate has ramped up its scrutiny of the South East Development Commission (SEDC), demanding a comprehensive breakdown of billions of naira disbursed from funds allocated to the agency in the 2025 budget. The move follows an investigative session led by the Senate Committee on South East Development Commission, where lawmakers expressed serious concerns about specific line items in the commission’s financial statements.
Senator Orji Uzor Kalu, who chairs the committee, revealed that data from the Central Bank of Nigeria shows the commission received N16.6 billion in budget releases. However, only N13 billion remains in its accounts, indicating that roughly N3.6 billion has been depleted. This discrepancy triggered intense questioning during the hearing.
Among the expenditures that raised eyebrows was an alleged N153 million payment for a single-room liaison office in Abuja, along with N2.5 billion categorized as implied spending. Senator Kalu described the financial report submitted by SEDC as inadequate and insisted that all expenses must be thoroughly justified.
Several committee members voiced dissatisfaction with the documentation provided, urging greater transparency in the handling of public funds. In response, SEDC Managing Director Mark Okoye defended the expenditures, stating they were all prudently incurred and based on actual cash releases to avoid accumulating unfunded liabilities.
Despite his explanation, lawmakers remained skeptical and directed the commission to furnish complete records of all contracts awarded, payments made, and supporting documents related to its spending. The committee has set a deadline of June 23 for the submission of these documents and indicated that the commission will be summoned again after a review.
This probe is part of the Senate’s broader oversight efforts to ensure accountability and transparency in the use of public funds by federal agencies.