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 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, disclosed that,”records obtained from the Central Bank of Nigeria indicated that the commission received N16.6 billion in budgetary releases. However, only N13 billion remains in its accounts, suggesting that about N3.6 billion has already been spent”.
Among the expenditures questioned by lawmakers was an alleged N153 million payment for the rental of a one-room liaison office in Abuja, as well as N2.5 billion recorded as implied expenditure.
Senator Kalu described the financial report submitted by the commission as unsatisfactory and insisted that all spending must be properly justified.
Several members of the committee also expressed dissatisfaction with the documentation presented by the commission, calling for greater transparency in the management of public funds.
Responding to the concerns, SEDC Managing Director, Mark Okoye, defended the agency’s spending, maintaining that all expenditures were prudently undertaken and based on actual cash releases to prevent the accumulation of unfunded liabilities.
Despite the explanation, lawmakers remained unconvinced and directed the commission to provide comprehensive records of all contracts awarded, payments made and supporting documents relating to its expenditures.
The committee gave the SEDC until June 23 to submit the requested documents and indicated that the commission would be invited for a further appearance after reviewing the records.
The probe is part of the Senate’s ongoing oversight of federal agencies to ensure accountability and transparency in the utilisation of public funds.