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Reps approve N140bn budget for South East Development Commission

Naija News • 1h ago
Reps approve N140bn budget for South East Development Commission
**N140 Billion Allocated to Boost South East Development** In a significant move towards the economic growth and development of Nigeria's South-East region, the House of Representatives Committee on the South East Development Commission (SEDC) has approved a whopping N140 billion budget for the commission's 2026 fiscal year. This approval is a major step forward in the commission's efforts to transform the region into a major investment hub in Africa. According to the SEDC's Managing Director, Mark Okoye, the commission's long-term plan is to grow the South-East economy from its current $40 billion to a staggering $200 billion over the next decade. This ambitious goal will be achieved through the development of key sectors such as industrialisation, agriculture, technology, and the creative economy. To drive these efforts, the commission plans to invest in critical infrastructure, including railways, power plants, ports, and gas pipelines. However, environmental degradation remains a major challenge for the region, with over 2,700 erosion sites identified across the five South-East states. To combat this issue, the SEDC plans to develop innovative and sustainable solutions, including the creation of demonstration farms to promote mechanised farming and the aggregation of smallholder farmers to sell their produce. In addition to these initiatives, the commission aims to develop special economic zones to attract manufacturing investments through the South-East Industrialisation Programme. The Youth Entrepreneurship and Innovation Programme will also provide funding support for technology startups and young entrepreneurs, while grassroots sports infrastructure investments will be made to nurture talent and promote national unity. The SEDC's Managing Director has also highlighted the commission's plans to construct railways across the five South-East states, which will enhance trade and commerce in the region. To ensure the success of these projects, the commission has incorporated provisions from last year's capital expenditure and accounted for inherited debts. Overall, the approval of the N140 billion budget for the SEDC is a significant milestone towards the development of Nigeria's South-East region. With its focus on industrialisation, agriculture, and infrastructure development, the commission is well-positioned to drive economic growth and attract investments to the region.
Source: Original Article. AI-enhanced version.