The Nigerian Senate has stepped up its oversight of the South East Development Commission (SEDC), summoning the agency to explain how billions of naira allocated under the 2025 budget were spent.
At an investigative hearing, the Senate Committee on SEDC raised concerns about questionable expenditure items in the commission’s financial records.
Committee chairman, Senator Orji Uzor Kalu, revealed that records from the Central Bank of Nigeria showed the commission received N16.6 billion, but only N13 billion remains in its accounts leaving N3.6 billion unaccounted for.
Among the spending flagged was a reported N153 million payment for a one-room liaison office in Abuja and N2.5 billion in implied expenditure.
Lawmakers described the financial report submitted by the commission as unsatisfactory and demanded proper justification for all spending.
SEDC Managing Director, Mark Okoye, defended the agency’s actions, insisting that expenditures were based on actual cash releases to avoid unfunded liabilities.
However, senators remained unconvinced and directed the commission
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