The South-East Development Commission (SEDC) has sought legislative approval for a N140 billion budget for 2026. The commission also revealed its ambitious plan to transform the South-East into a $200 billion economy within the next decade.
This announcement made on Tuesday by the commission’s Managing Director, Mark Okoye, during a budget defence session with the Senate Committee on South-East Development Commission in Abuja.
Key Highlights:
The proposed budget marks what the commission calls its “real take-off” phase, following a year of laying foundational structures.
Stakeholder Engagement:
The Development Commission emphasized that its long-term development blueprint validated through broad stakeholder participation at its regional forum.
“In the last two or three weeks, we can confidently say the mandate has been validated,” Okoye stated.
He referred to the four-day South-East Vision 2050 Forum, where participants voluntarily attended to discuss the region’s future over the next 25 years.
“We believe the South-East can achieve a $200 billion economy in 10 years. Additionally, within eight years, the South-East Investment Conference will have a balance sheet of $1 billion,” Okoye added.
He described 2025 as the foundation year and 2026 as the “take-off” for execution.
Funding and Budget Breakdown:
The Development Commission has secured presidential approval to mobilize up to $150 billion for infrastructure and industrial projects. It also provided a detailed breakdown of its proposed 2026 budget:
- N108 billion for capital projects.
- N23 billion for overhead costs.
- N7.3 billion for personnel expenses.
Okoye noted that only N5 billion from the 2025 allocation received in late December, with N957 million spent primarily on engagement and investment promotion activities. He clarified that no salaries, allowances, or emoluments paid from the 2025 allocation.
The proposed South-East Investment Conference will operate under a public-private partnership model, involving the commission, state governments, private equity firms, and development finance institutions.
Legislative Oversight:
Lawmakers urged the commission to focus on impactful projects and ensure transparency in fund usage.
Sen. Tony Nwoye advised prioritizing schools, hospitals, and core infrastructure over conferences and seminars.
Committee Chairman, Sen. Orji Kalu, emphasized that legislative oversight would be strict and warned against fund mismanagement.
Background:
The SEDC established under President Bola Ahmed Tinubu to address longstanding infrastructure deficits in the South-East. In July, President Tinubu approved the creation of the South-East Investment Company with a projected capital base of N150 billion.
