Reps Approve SEDC Proposed N140Bn 2026 Budget

By Alkassim Bala Tsakuwa, Abuja

The House of Representatives Committee on South East Development Commission (SEDC) has approved the N140 billion proposed budget of the Commission.

The proposed budget was approved after its presentation by the SEDC Managing Director (MD), Mark okoye at the budget defence session held by the Committee on Thursday.

He stated that, the proposed budget has a Capital expenditure of N106 billion, representing 76.25. Recurrent expenditure excluding personnel of about N25 billion, representing 18.5%. And the personnel cost of N7.3 billion at 5.21%, totalling N100 billion.

He added, “We’ve also seen the 2026 call circular as published by the Federal Ministry of Budget and Planning, which said to all of us, take your entire capital expenditure of last year and bring it to this year because of one or two issues. Of course, we are very well aware of what’s going on.

“There were a lot of debts, and what have you, that the government inherited. So last year was about assuring investor confidence, addressing, servicing the debt, such that now, this year, we believe and we are confident that we’ve made those provisions, we’ve moved our budget from last year and we’ve brought it into the current year. So that has influenced what we have in front of us”.

Okoye informed that, the SEDC has a comprehensive ambitious development plans for the South East which included construction of railways across the five states of the South East to enhance trade and investment to make the region a unified economic block through shared visions of all stakeholders.

“We have a vision to make the South East a preferred investment hub in the next ten years. And we will achieve this through industrialization, agriculture and technology”.

The SEDC MD further stressed that, there will be a harmonization of economic and development policies across the region which would be funded by both the government and private sector as well as external investors and development partners.

He said, “So to summarise, the Southeast Regional Intervention Projects and Programme, we have a provision of N10.5 billion.

“The Southeast Regional Economic and Industrial Development Programme, we have about N24.5 billion. The Southeast Zonal Allocation to States Project, N10.25 billion. What we want to do here is a matching grant.

“If we have this fund, the state governments can also say amongst themselves they have another N10 billion, there’s N20 billion for implementation of state-specific programmes.

“We have the Renewed Hope Housing and Market Development Programme. And as I’m going through these budget heads, I’ll be speaking to some of the work that some of our colleagues have done”.

Speaking after the adoption of the proposed budget as a working document by the Committee, Chairman of the Committee, Hon. Chris Nkwonta commended the Managing Director and the SEDC management and board for a work well done.

He described him as a round peg in a round hole saying that his vision, economic and development plans for the development of the South East is commendable.

He said, “The Southeast region, as you remember, we know that we have been one year. And from what you have said, it is very, very clear that you are a round peg in a round hole. A round peg in a round hole.

“Anyone who listens to you, or who has listened to you, will agree that bringing you as a member of this commission was the right decision. From what we have heard so far, what we are doing is to lay the groundwork before taking off. All that we are doing is to prepare this commission. And I want to specially commend that”.