The Senate has thrown its weight behind an ambitious plan by the South East Development Commission (SEDC) to transform the region into a $200 billion economy within 10 years, even as lawmakers warned the agency against mismanaging public funds and urged it to prioritise impactful infrastructure.
Managing Director of the commission, Mark Okoye, unveiled the economic blueprint on Tuesday, during the agency’s 2026 budget defence before the Senate Committee on South-East Development Commission in Abuja.
The Commission sought legislative backing for a proposed N140 billion appropriation to drive what he described as the commission’s “real take-off year.”
Okoye said the regional transformation agenda had received broad political and stakeholder endorsement at the recently concluded Southeast Vision 2050 forum, which drew governors of the five South-east states, the Vice President, ministers, heads of federal agencies, development commissions, and thousands of private participants.
“At the heart of the long-term strategy is the projection to build a $200 billion regional economy within a decade and position the South-east as Africa’s preferred investment destination,” he said.
He added that the commission also targets a $1 billion balance sheet within eight years through its proposed Southeast Investment Conference vehicle, structured under a public-private partnership model involving the SEDC, state governments, private equity firms, and development finance institutions.
Okoye disclosed that the commission had secured presidential approval to raise projected capital of up to $150 billion to fund transformative infrastructure and industrial projects across the region.
According to him, political leaders in the zone have embraced a unified economic front anchored on harmonised policies, seamless trade, and coordinated investments, including a regional approach to energy generation.
“There should be a regional approach to power generation. If one state has the assets and capacity, we should explore how to scale it and ensure the whole Southeast achieves energy independence,” he said, echoing the consensus of governors at the forum.
To actualise the blueprint, the commission presented a N140 billion 2026 budget proposal, of which N108 billion is earmarked for capital projects, N23 billion for overhead costs, and N7.3 billion for personnel.
Describing 2026 as the “execution year,” Okoye said 2025 was largely foundational due to delayed releases.
He revealed that the commission received only N5 billion from its 2025 allocation last December, with about N957 million spent primarily on stakeholders’ engagement, media outreach and investment promotion.
“We have paid no salaries, no allowances, no emoluments. Everyone has contributed to ensure that we continue to proceed forward,” he said.
He explained that the commission had already developed a 100-day critical action plan to be triggered once funds are released.
The plan includes activating its regional office, launching a Southeast venture capital programme, capitalising its investment company, and rolling out agricultural and grassroots sports initiatives.
“We are not waiting to see money in the account before doing preparation. We are doing the groundwork simultaneously so that once resources come, we hit the road,” Okoye assured lawmakers.
However, senators who reviewed the proposals insisted that the commission must channel resources into projects that directly impact citizens, particularly in education, healthcare and other basic infrastructure.
Senator Tony Nwoye (Anambra North) cautioned against excessive spending on conferences and seminars, urging the agency to concentrate on tangible development.
He said, “The South-east needs more development than other zones. Let’s not waste funds on conferences or seminars.
“You should build or renovate primary schools and secondary schools. Your work should focus on infrastructure like schools and hospitals,” he added.
Senator Patrick Ndubueze also urged the commission to undertake legacy regional projects such as a reference hospital to serve the entire zone.
Chairman of the committee, Senator Orji Kalu, while commending the blueprint as “bankable,” warned the management team against turning the commission into an avenue for siphoning public funds.
“Our oversight work shall never be taken for granted. You were appointed to make our region very proud. Our region has suffered so much and MrPresident has done us the honour of giving us this commission,” Kalu said.
“I plead with you not to take this commission as a place for siphoning money. This commission is to work for our people, to rebuild our area. This committee will be very ruthless in its oversight,” he further warned.
He stressed that the commission was established because President Bola Tinubu recognised decades of neglect in the region and expected the management to justify the confidence reposed in them.
Kalu said, “The economic development of our area is most important. The President gave us this commission to say do it by ourselves. We are very proud of what you are doing so far. We will not just oversight you but pursue transparency.
“I have seen your document and it’s bankable. So keep it up. We must move to pure economic dependency from political dependency,” Kalu added.
He also advised the executive management to avoid internal rivalry and work as a team to achieve the commission’s mandate.
In his closing remarks, Okoye appealed for sustained legislative support and timely release of appropriated funds, noting that public expectations in the region were high.
“Our people back you 100 per cent, but with a watchful eye. If you step away from the agenda, they will be the first to criticise you.
“The vision is set. The strategy is ready. The sentiment has been built. Now, that strategy must be funded,” he said.
With Senate backing secured but under strict oversight warning, the SEDC now faces the critical task of translating its bold $200 billion vision into concrete projects that can redefine the economic trajectory of the South-east.
Sunday Aborisade
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