The South-East Development Commission (SEDC) has sought Senate approval for a N140 billion 2026 budget to commence the full rollout of its ambitious plan to transform the South-East into a $200 billion economy within the next decade.
Managing Director of the Commission, Mr. Mark Okoye, made the request during the agency’s budget defence before the Senate Committee on South-East Development Commission, chaired by Senator Orji Kalu. He described the engagement as constructive and critical to moving the Commission “from vision to execution.”
Okoye said the proposed N140 billion allocation would serve as the launchpad for implementing the Commission’s regional development blueprint, with approximately 73 to 74 per cent earmarked for capital expenditure, while the balance would cover personnel and overhead costs.
According to him, the Commission spent its first year laying institutional and strategic foundations rather than rushing into large-scale spending. Activities in 2025 included developing a comprehensive regional roadmap, holding extensive stakeholder consultations, and engaging more than 100 federal government agencies, academia, civil society groups, diaspora networks, development finance institutions and private sector actors.
He noted that the Southeast Vision 2050 Forum, which brought together the five South-East governors, the Vice President and thousands of stakeholders, helped consolidate regional consensus around long-term economic transformation.
“These engagements allowed us to build the right execution platform before deploying large-scale capital projects,” Okoye told lawmakers.
Beyond long-term projections, the SEDC unveiled a 100–120 day action plan designed to signal immediate implementation. The plan includes activating regional operational structures, launching a Southeast Venture Capital Programme, operationalising the Southeast Investment Company, commencing agriculture development initiatives and rolling out grassroots sports infrastructure projects.
Addressing concerns from lawmakers over pressing infrastructure deficits, Okoye clarified that the Commission’s mandate focuses on region-wide, strategic infrastructure in alignment with presidential directives.
“The President was clear — development commissions must solve region-wide infrastructure challenges and work in harmony with state and local governments,” he said.
He explained that while certain responsibilities remain with state and local governments, the SEDC would prioritise transformative projects that cut across the five states, including reference health facilities, rail connectivity, gas pipelines, and coordinated energy and security architecture.
Okoye also stressed that the Commission’s blueprint aligns with the Renewed Hope Agenda of President Bola Ahmed Tinubu and reflects sustained consultations with governors, senators and other regional leaders.
“We recognize that we are the pioneer team. How we build this Commission today will determine how effectively future leadership can use it as a vehicle for regional prosperity,” he added.
Members of the Senate Committee underscored the need for prudence and transparency in the management of public funds. Senator Tony Nwoye cautioned against excessive spending on conferences, urging the Commission to prioritise investments in schools and hospitals. Senator Patrick Ndubueze advocated for legacy projects, including the establishment of a regional reference hospital.
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Chairman of the Committee, Senator Orji Kalu, reaffirmed the Senate’s commitment to strict oversight, noting that the economic revitalisation of the South-East is of national importance.
With the proposed N140 billion budget now before the Senate, the Commission’s transition from strategic planning to tangible infrastructure delivery will depend on legislative approval and sustained accountability.
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