Senate probes SEDC N16.6 billion spending, seeks accounting

The Senate has launched a high-stakes investigation into the finances of the South East Development Commission (SEDC), demanding a full accounting for billions of naira allocated to the new agency. The probe, conducted during a tense oversight hearing on Tuesday, centers on the management of N16.6 billion released from the commission's 2025 budget and has raised significant concerns over transparency and accountability.

Senator Orji Uzor Kalu, chairman of the Senate Committee on the South East Development Commission, disclosed that records from the Central Bank of Nigeria show the SEDC received N16.6 billion in December 2025. He stated that only about N13 billion remains in its accounts, indicating approximately N3.6 billion has been spent. Lawmakers questioned specific expenditures, including N153 million allegedly spent on renting a single-room liaison office in Abuja and another N2.5 billion listed under vague "implied expenditure" headings.

Kalu described the financial report submitted by the commission as grossly inadequate and unacceptable for legislative scrutiny. His concerns were echoed by other committee members, including Senators Enyinnaya Abaribe, Victor Umeh, and...