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Senate questions SEDC over ₦16.6bn budget management
via Punch Nigeria2 min read
The Senate Committee on South East Development Commission has ordered Mark Okoye, the Managing Director of the South East Development Commission, to account for the alleged mismanagement of ₦16.6bn appropriated in the 2025 budget. During an investigative hearing, the committee, chaired by Senator Orji Kalu, raised objections to items in the commission’s financial report, including ₦153m for a liaison office rent and ₦2.5bn categorised as “implied expenditure.” Senator Kalu stated that preliminary findings from the Central Bank of Nigeria indicated only ₦13bn remained from the ₦16.6bn disbursed, suggesting ₦3.6bn was spent without clear justification. Other committee members, including Senators Enyinnaya Abaribe, Victor Umeh, and Austin Akobundu, also expressed dissatisfaction. Okoye defended the expenditure, asserting that funds were used judiciously for priority projects and procurement. However, the committee rejected his explanation as insufficient and directed the SEDC to submit comprehensive documentation, including contract details and payment schedules, by the 23rd of this month for further review.
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This summary was AI-generated from a story originally published by Punch Nigeria.
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