The Senate has intensified its scrutiny of the South East Development Commission (SEDC), demanding detailed explanations for billions of naira spent from funds released to the agency under the 2025 Appropriation Act.
The move followed an investigative hearing by 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, disclosed that records obtained from the Central Bank of Nigeria (CBN) showed that the commission had received N16.6 billion in budgetary releases. However, only N13 billion remained in its accounts, indicating that approximately N3.6 billion had already been spent.
Among the expenditures that drew the attention of lawmakers was an alleged N153 million payment for the rental of a one-room liaison office in Abuja. The committee also questioned a N2.5 billion item recorded as implied expenditure in the commission’s financial statements.
Senator Kalu described the financial report presented by the SEDC as unsatisfactory, stressing that every expenditure must be properly accounted for and supported with relevant documentation.
Several members of the committee also expressed dissatisfaction with the records submitted by the commission, calling for greater transparency and accountability in the management of public funds.
Responding to the concerns, the Managing Director of the SEDC, Mark Okoye, defended the agency’s spending, insisting that all expenditures were prudently made based on actual cash releases in order to avoid the accumulation of unfunded liabilities.
Despite the explanation, lawmakers remained unconvinced and directed the commission to provide comprehensive details of all contracts awarded, payments made, and supporting documents relating to its expenditures.
The committee subsequently gave the SEDC until June 23 to submit the requested records and indicated that the agency would be invited for a further appearance after lawmakers review the documents.
The probe forms part of the Senate’s ongoing oversight efforts aimed at ensuring transparency, accountability, and prudent management of public resources by federal agencies.
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