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The Senate has intensified its oversight of the South East Development Commission (SEDC), demanding elaborate explanations for billions of naira spent from funds released to the bureau nether the 2025 budget.
The improvement followed an investigative proceeding of the Senate Committee connected South East Development Commission, wherever lawmakers raised concerns implicit respective expenditure items contained successful the commission’s fiscal records.
Chairman of the committee, Senator Orji Uzor Kalu, disclosed that,”records obtained from the Central Bank of Nigeria indicated that the committee received N16.6 cardinal successful budgetary releases. However, lone N13 cardinal remains successful its accounts, suggesting that astir N3.6 cardinal has already been spent”.
Among the expenditures questioned by lawmakers was an alleged N153 cardinal outgo for the rental of a one-room liaison bureau successful Abuja, arsenic good arsenic N2.5 cardinal recorded arsenic implied expenditure.
Senator Kalu described the fiscal study submitted by the committee arsenic unsatisfactory and insisted that each spending indispensable beryllium decently justified.
Several members of the committee besides expressed dissatisfaction with the documentation presented by the commission, calling for greater transparency successful the absorption of nationalist funds.
Responding to the concerns, SEDC Managing ...
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