By Jane Salihu
The Senate Committee on the South East Development Commission (SEDC) has ordered the management of the commission to provide a detailed account of the N16.6 billion it has received from the 2025 budget allocation, raising concerns over expenditures already incurred.
At an investigative hearing on Tuesday, the committee questioned the commission’s Managing Director, Mark Okoye, over what lawmakers described as unclear financial records, including N153 million reportedly spent on renting a one-room liaison office in Abuja and another N2.5 billion listed as implied expenditure.
The committee, chaired by Senator Orji Uzor Kalu (Abia North), expressed dissatisfaction with the financial report submitted by the commission, insisting that all funds expended must be properly accounted for.
According to Kalu, information made available to the committee by the Central Bank of Nigeria indicated that of the N16.6 billion released to the commission in December last year, about N13 billion remains in its account, suggesting that approximately N3.6 billion has already been spent.
“This committee is disappointed with the financial report presented. It is completely unacceptable,” Kalu said.
Several members of the committee, including Senators Enyinnaya Abaribe (Abia South), Victor Umeh (Anambra Central) and Austin Akobundu (Abia Central), also faulted the report and demanded greater transparency in the commission’s financial dealings.
Responding to the concerns, Okoye maintained that all expenditures made by the commission were legitimate and carefully managed to ensure fiscal responsibility.
He explained that the commission had deliberately tied spending and contract awards to actual cash releases rather than budgetary provisions, in order to avoid creating unfunded liabilities.
“Our approach has been to ensure that available resources are directed towards priority projects. We want allocations to guide the procurement process so that contracts awarded can be backed by available funding,” he said.
He added that it would be irresponsible to award contracts based solely on budget estimates when the actual cash backing may be significantly lower.
However, the committee remained unconvinced by the explanations and directed the commission to submit comprehensive records of all expenditures, contracts, payments and supporting documents on or before June 23.
Kalu said the committee would determine the date for the commission’s next appearance after reviewing the requested documents.
The hearing was subsequently adjourned with lawmakers reiterating their commitment to ensuring accountability and transparency in the management of funds meant for the development of the South-East region.
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