The South-East Development Commission (SEDC) has requested legislative approval for a N140 billion 2026 budget as it unveiled plans to grow the South-East into a $200 billion economy within the next decade.
The disclosure was made on Tuesday by the commission’s Managing Director, Mark Okoye, during its budget defence before the Senate Committee on South-East Development Commission in Abuja.
The proposal signals what the agency describes as its “real take-off” phase after laying foundational structures in the previous year.
What they are saying
The commission said broad stakeholder participation at its regional forum validated its long-term development blueprint. It also outlined ambitious economic and investment targets for the region.
- “In the last two or three weeks, we can clearly say that the mandate has been validated,” Okoye said.
- “They came voluntarily and at their own cost to deliberate on the region’s future for the next 25 years,” he added, referring to participants at four-day South-East Vision 2050 Forum.
- “We believe that in 10 years we can achieve a $200 billion economy. We also believe that in eight years, the South-East Investment Conference will have a balance sheet of $1 billion.”
- “In our mind, last year was foundation. This year is take-off for execution,” he stated.
More Insights
The commission disclosed that it has secured presidential approval to mobilise up to $150 billion in funding for infrastructure and industrial projects. It also provided a breakdown of its proposed 2026 expenditure.
- Of the proposed N140 billion budget, N108 billion is allocated for capital projects.
- N23 billion is earmarked for overhead costs.
- N7.3 billion is allocated for personnel expenses.
- Only N5 billion from the 2025 allocation was received in late December, with about N957 million spent mainly on engagement and investment promotion activities.
Okoye said no salaries, allowances or emoluments had been paid from the 2025 allocation. The proposed South-East Investment Conference vehicle will operate under a public-private partnership framework involving the commission, state governments, private equity firms, and development finance institutions.
Lawmakers cautioned the commission to prioritise projects with measurable impact and maintain transparency in fund utilisation.
Sen. Tony Nwoye urged the commission to focus on schools, hospitals and core infrastructure rather than conferences and seminars.
Committee Chairman, Sen. Orji Kalu, warned that legislative oversight would be strict and that funds must not be misused.
What you should know
The SEDC was established under President Bola Ahmed Tinubu in response to longstanding infrastructure deficits in the South-East.
In July, President Tinubu approved the establishment of the South-East Investment Company with a projected capital base of N150 billion.
The investment company operates as a subsidiary of the SEDC to mobilise private capital and drive industrialisation in the region.
