Senate Supports $200bn South East Transformation Plan

The Nigerian Senate has expressed its support for the South East Development Commission's (SEDC) ambitious 10-year transformation plan, which aims to inject $200 billion into the South East region's economy. During the defense of the agency's 2026 budget, SEDC's Managing Director, Mark Okoy, presented an economic blueprint that seeks to position the South East as a preferred investment destination in Africa.

The Senate has urged the commission to ensure that resources are allocated to projects that directly benefit citizens, particularly in education, healthcare, and basic infrastructure. Lawmakers, including Toni Nwoye and Patrick Ndubueze, cautioned against mismanagement of public funds and stressed the importance of tangible development.

The proposed budget includes N140 billion for 2026, with N108 billion earmarked for capital projects. The commission aims to raise N150 billion for infrastructure and industrial projects through public-private partnerships.

Orji Kalu, the Senate committee chairman, commended the blueprint but warned against any misuse of funds.