SEDC gets less than 10% of N140bn budget

The South East Development Commission (SEDC) has disclosed that less than 10 per cent of its N140 billion allocation in the 2026 federal budget has been released, raising concerns over funding for critical development projects across the region.

The commission made the disclosure on Tuesday after appearing before the Senate Committee on South East Development Commission at the National Assembly, chaired by Senator Orji Uzor Kalu.

In a statement issued after the session, the commission said it had continued to make progress on key initiatives despite significant financial constraints.

According to the SEDC, preparatory work has advanced on several strategic projects, including regional gas pipeline and railway developments aimed at accelerating economic growth in the South East.

“Of the N140 billion appropriated to the Commission in the 2026 budget, less than 10 per cent has been released to date across all budget lines,” the statement said.

The commission called on the Federal Government to expedite the release of budgetary allocations, stressing that the region’s development needs require sustained funding and stronger institutional support.

It noted that since the inauguration of its board in February 2025, the commission has recorded progress in implementing its mandate, including consultations for the South East Vision 2050 initiative.

According to the SEDC, the consultations brought together government officials, development partners, business leaders, academics, civil society organisations and community stakeholders to develop a long-term strategy for the region’s economic transformation and sustainable development.

The commission also highlighted the launch of the South East Venture Capital Programme (SEVCP), through which 25 startups from across the region received equity investments following a competitive selection process.

The programme, managed through the South East Investment Company, is designed to stimulate innovation, entrepreneurship and private-sector investment within the region.

SEDC further listed key development partners supporting its activities, including the United Nations Development Programme, Afreximbank, Rural Electrification Agency, Bank of Industry, the Presidential Initiative on Compressed Natural Gas and the Gas Aggregator Company of Nigeria.

The Senate committee requested additional documents on the commission’s operations and budget implementation, giving the SEDC until June 23, 2026, to submit the required information.

The commission reaffirmed its commitment to transparency and accountability, describing legislative oversight and stakeholder engagement as essential to the successful execution of its mandate.

The SEDC is responsible for driving infrastructure development, economic growth and post-conflict reconstruction across the South-East states of Abia, Anambra, Ebonyi, Enugu and Imo.