The National Assembly has approved a budget estimate of N140 billion for the South-East Development Commission (SEDC) for the 2025 financial year.
This was contained in the final draft of the N54.9 trillion 2025 budget, passed by the National Assembly on Friday, February 14.
Recall that the SEDC board, headed by Dr Emeka Nworgu as Chairman and Mr Mark Okoye as Managing Director, was inaugurated on February 11.
The budget also allocated N140 billion each to other regional development commissions, including the South-West Development Commission, South-South Development Commission, and North-Central Development Commission. However, the North-West Development Commission received N145.61 billion.
The Niger Delta Development Commission (NDDC) received the highest allocation among the development commissions, with a budget of N626.53 billion.
The SEDC is tasked with the rebuilding and rehabilitation of the South-East region, addressing the lingering effects of the civil war.
In his inaugural speech, Okoye cited a World Bank report stating that the South East requires an annual investment of $10 billion over the next 30 years to bridge its infrastructure gap.
He stated that the SEDC would collaborate with state governments, the private sector, and development partners to drive the South-East towards a $200 billion regional economy by 2035.
According to Okoye, the Commission will prioritize security, investment infrastructure development, agriculture, industrialization, technology/innovation, and human capital development.
“The Southeast region currently faces numerous challenges, including a harsh investment climate due to security concerns, low ease of doing business, high unemployment, and over 2,500 active erosion sites displacing thousands of people,” he said.
Prof. Uche Nwogwugwu, a development economist, speaking in Awka on Monday, described the budget estimate as a good starting point for the region’s rebuilding efforts.
Nwogwugwu, who lectures in the Department of Economics at Nnamdi Azikiwe University, Awka, advised that the Commission prioritize projects that foster economic integration within the region.
“The idea of the Development Commission is a good one, and the budget is a starting point.
“I recommend that priority be given to projects that will interconnect the region, such as railways,” he said.
