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SEDC Defends Record Before Senate, Says Less Than 10% of N140bn Budget Released
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…highlight major projects, Programme,Regional Development Plans Amid Funding Challenges
By Gloria Ikibah
The South East Development Commission (SEDC) has reiterated its commitment to transparency, accountability and regional development following an oversight session with the Senate Committee on South East Development Commission at the National Assembly.
The interactive session, chaired by the Committee Chairman, Senator Orji Uzor Kalu, formed part of the National Assembly’s constitutional responsibility to oversee the activities of government agencies.
During the engagement, the Commission presented a detailed report of its activities since the inauguration of its Board in February 2025, covering its financial performance, institutional development, procurement processes, staffing, partnerships and ongoing programmes across the South-East.
The Commission also briefed lawmakers on its engagements with state governments, federal institutions, development finance organisations and other stakeholders involved in driving development across the region.
As part of its review, the Senate Committee requested additional documentation relating to certain aspects of the Commission’s operations and programme implementation.
Responding to the request, the Commission welcomed the move and sought a short extension to collate and submit the required materials.
Following discussions, the Committee adjourned proceedings to a later date pending receipt of the requested submissions, which the Commission is expected to provide on or before 23 June 2026.
SEDC used the opportunity to highlight progress recorded despite what it described as significant funding constraints.
According to the Commission, preparatory work has advanced on several major regional projects since the Board was inaugurated, including strategic infrastructure initiatives such as gas pipeline and railway projects designed to drive economic growth and regional integration.
The Commission also disclosed that it had established partnerships with a number of national and international institutions, including the United Nations Development Programme (UNDP), Afreximbank, Rural Electrification Agency, the Bank of Industry, Presidential Initiative on Compressed Natural Gas and Gas Aggregator Company of Nigeria.
It added that extensive consultations had been held with the governments of the five South-East states, federal ministries, development partners, academic institutions and private sector stakeholders to create a coordinated approach to regional development.
One of the major achievements highlighted during the session was the South East Vision 2050 stakeholder consultations, which brought together government officials, development experts, business leaders, academics and civil society groups to develop a long-term blueprint for the economic transformation of the region.
The Commission also spotlighted the successful rollout of the inaugural South East Venture Capital Programme (SEVCP), which it described as a flagship initiative aimed at promoting innovation, entrepreneurship and investment.
According to SEDC, 25 start-ups from across the South-East received equity investments through a transparent and competitive selection process under the programme.
The Commission said the initiative aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda and reflects efforts to strengthen entrepreneurship, private sector growth and investor confidence.
“Anchored within the South East Investment Company, the Programme represents a strategic effort to move beyond fragmented interventions towards a more structured and credible venture capital ecosystem for the South East, combining capital deployment with venture development, institutional partnerships, and pathways for attracting institutional capital into early-stage, high-growth enterprises across the region,” it stated.
However, the Commission expressed concern over the pace of funding releases, warning that implementation of critical projects could be affected if appropriated funds are not released promptly.
It disclosed that despite the Federal Government and National Assembly approving ₦140 billion for the Commission in the 2026 budget, less than 10 per cent of the allocation has so far been released.
The statement further read: “Of the N140 billion appropriated to the Commission in the 2026 budget, less than 10% has been released to date across all budget lines.”
SEDC stressed that accelerated releases are essential to enable the execution of key infrastructure, agricultural transformation, youth empowerment, economic development and regional security initiatives captured within its mandate.
“The scale of development required across the South East demands sustained funding, institutional coordination, and continued collaboration among all stakeholders,” the Commission noted.
Reaffirming its commitment to openness and accountability, the Commission pledged full cooperation with the National Assembly and all relevant oversight institutions.
“SEDC remains committed to full cooperation with the National Assembly and all relevant oversight institutions. The Commission views accountability, transparency, and constructive engagement as fundamental to the successful delivery of its mandate and will continue to provide all information required to support effective legislative oversight.
“The Commission remains focused on its responsibility to deliver meaningful and measurable impact for the people of the South East through disciplined planning, transparent governance, strategic partnerships, and the effective deployment of public resources. The Commission appreciates the continued support of the National Assembly and looks forward to sustained collaboration in advancing inclusive growth, shared prosperity, and long-term development across the region.”
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Citizen Patience and Collaborative Efforts: A Pathway to Greatness for Tinubu’s Government, By Hajia Hansatu Zannah*
Nation-building is never the sole responsibility of government; it is a shared endeavor that requires the active participation, patience, and collaboration of citizens. In Nigeria today, President Bola Ahmed Tinubu’s administration faces the daunting task of steering the country toward economic stability, social cohesion, and sustainable development. While policies and reforms are critical, their success ultimately depends on the willingness of citizens to remain patient and supportive during the often difficult process of implementation.
Transformational leadership demands bold decisions—structural reforms, economic adjustments, and institutional restructuring—that may not yield immediate results. In such circumstances, patience becomes a vital national asset. By resisting the urge for instant gratification and allowing time for reforms to mature, Nigerians can help create an environment where government initiatives are given the opportunity to succeed.
Every nation, regardless of its stage of development, grapples with challenges—economic struggles, political transitions, social tensions, and infrastructural gaps. These realities test the resilience of both leaders and citizens. In moments of strain, the attitude of the people toward their country becomes a powerful determinant of progress. Constructive criticism is healthy and necessary for accountability, but outright condemnation and vitriolic attacks against one’s nation can be deeply counterproductive.
Words shape perception, and perception influences reality. When citizens consistently speak negatively about their country, they reinforce hopelessness and despair. This weakens national morale and discourages foreign investors, partners, and allies who rely on the confidence of citizens as a measure of stability. By contrast, balanced and solution-oriented dialogue strengthens Nigeria’s image and inspires collective action.
Collaboration, however, goes beyond compliance—it requires active engagement. Citizens can contribute meaningfully to nation-building by supporting reforms through constructive dialogue rather than resistance, participating in civic duties such as voting, community service, and public consultations. These actions serve as catalysts for greater national progress. At the same time, holding leaders accountable in a respectful and lawful manner is essential. While harsh and divisive criticism may be insidious, patriotism calls for promoting unity across ethnic, religious, and political divides to strengthen national cohesion.
If citizens embrace patience and collaboration, Tinubu’s government stands a better chance of achieving greatness. Economic reforms can stabilize markets, infrastructural projects can transform communities, and social policies can uplift vulnerable populations. Greatness, in this context, is not merely about political success but about building a Nigeria where prosperity, justice, and peace are attainable for all.
Citizens are not passive observers; they are active participants in governance. By engaging in respectful dialogue, supporting reforms, and holding leaders accountable through lawful means, they contribute to the nation’s growth. Patriotism does not mean blind loyalty—it means believing in the possibility of progress and working toward it.
A nation is like a family; disagreements are inevitable, but condemnation destroys trust. Citizens must rise above destructive criticism and embrace constructive engagement. By doing so, they preserve the dignity of their country and create an atmosphere where greatness can flourish. The path to national transformation lies not in tearing down but in building up—through patience, collaboration, and unwavering belief in Nigeria’s future.
The greatness of any government is measured not only by the vision of its leaders but also by the resilience and cooperation of its people. For Tinubu’s administration, citizen patience and collaborative effort are indispensable. Together, government and citizens can write a new chapter in Nigeria’s history—one defined by progress, unity, and enduring impact.
*Hajia Hansatu Zannah is a distinguished member of the Governing Council of the African Union Agenda 2063 and Ambassador Plenipotentiary. She is also the widow of the late Zannah Umar Mustapha, former Deputy Governor of Borno State.*
News
BREAKING: CBN revokes licences of 46 Microfinance Banks over failure to satisfy regulatory requirements
The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks across the country, citing their failure to meet key regulatory requirements for continued operation.
The decision takes effect from Wednesday, July 1, 2026, according to a statement issued by the Acting Director of the CBN’s Corporate Communications Department, Hakama Sidi-Ali. The apex bank said the action was taken in line with its powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020, and was approved by the CBN Governor, Olayemi Cardoso.
According to the CBN, the affected institutions lost their licences after failing to satisfy the conditions required to remain licensed financial institutions.
The bank explained that the revocation was based on one or more regulatory infractions, including insufficient assets to meet liabilities, shutting down operations without obtaining CBN approval, prolonged inactivity and cessation of financial intermediation, failure to commence business within 12 months after receiving a licence, and failure to maintain the minimum capital requirements without impairment from accumulated losses.
The CBN described the move as part of its ongoing efforts to strengthen the nation’s financial system and ensure that all licensed financial institutions operate in compliance with existing laws and prudential regulations.
“The revocation of the licences is part of the Bank’s ongoing efforts to safeguard the stability of the financial sector, protect depositors, and ensure that licensed institutions comply with current laws and regulatory requirements,” the statement said.
The apex bank reiterated its commitment to maintaining a safe, sound and resilient financial system, stressing that it would continue to take appropriate supervisory and regulatory measures where necessary to sustain public confidence in Nigeria’s banking sector.
News
Tinubu Hails Wike’s Performance, Says All FCT Districts Now Feeling Impact of Governance(Photos)
President Bola Ahmed Tinubu on Wednesday hailed the performance of the Federal Capital Territory (FCT) Minister, Nyesom Wike, declaring that it has become very evidently clear that all districts in the FCT are now feeling the impact of governance through completed projects that improve the quality of life of residents.

The President, represented by Senate President Godswill Akpabio, spoke while commissioning the Full Scope Development of Akinwumi Ajibola Street, comprising Important Local Streets (ILS) 16, 18 and 19, in Gaduwa District, Abuja.
Describing the project as a practical demonstration of the Renewed Hope Agenda, Tinubu said his administration was focused on delivering projects that address the everyday needs of Nigerians.
“We are here to open a road, but more importantly, we are here to restore access. The Full Scope Development of Akinwumi Ajibola Street is now complete and open for use. In this government, we measure ourselves by finished work. This street is finished work,” he said.
According to the President, residents of Gaduwa endured years of hardship despite owning homes in the district because there was no motorable road linking them to their properties.
“For years, families in Gaduwa built homes here in good faith, yet they had no motorable road to reach those homes. When the rains came, the place became impassable. That is not how a capital city treats its citizens. Under the Renewed Hope Agenda, we came to work, and today that promise is visible on these streets,” he added.

Tinubu commended the Minister of the Federal Capital Territory, Barr. Nyesom Wike, for changing what he described as the culture of project delivery in Abuja through effective supervision, prompt funding and timely completion of projects.
“When the Honourable Minister reviewed the files and saw the neglect, he did not issue another memo. He brought contractors back to site, gave clear targets and backed those targets with funding.
“You have changed the culture of delivery in the FCT. You ended the era of mobilisation without movement and abandoned inner roads. You are taking development from the city centre into the districts and satellite towns so that no resident is left behind. You have my confidence and my commendation,” the President said.
He noted that the completed road would improve mobility, reduce travel time, enhance property values and provide safer access for residents through the provision of drainage and streetlights.
Tinubu also urged residents to protect the infrastructure by preventing vandalism and ensuring drainage channels remain free of refuse.
“We will not stop here. Across the FCT, from the city centre to the area councils, our task is to finish what matters, connect what was separated and ensure that public funds translate into public value,” he said.
Earlier, FCT Minister Barr. Nyesom Wike said the commissioning formed part of the 16th project in the administration’s ongoing 31-day project inauguration programme marking President Tinubu’s third year in office.
According to him, the President had directed upon assumption of office that every district in the FCT must benefit from government projects, irrespective of whether they are located in the city centre or satellite communities.
“You instructed us that every district in the FCT must feel the impact of this administration. Today, I can confidently say that no district can claim it has been neglected. We have taken development to Jahi, Gwarimpa, Katampe, Guzape, Kwali and now Gaduwa,” Wike said.
The minister attributed the rapid execution of projects to the cordial working relationship between the Executive and the National Assembly, which ensured timely budget approvals and releases.
He also cautioned the Abuja Municipal Area Council (AMAC) against naming roads constructed by the Federal Government without due approval.
“If the Federal Government constructs the roads, permission must be obtained before naming them. Do not wait for us to build roads before putting names on them or using them to generate revenue,” he warned.
In her remarks, the Minister of State for the FCT, Dr. Mariya Mahmoud, described the commissioning as another milestone in the implementation of the Renewed Hope Agenda.
She said the project reflected the administration’s commitment to people-oriented infrastructure that improves mobility, enhances economic activities and raises the living standards of residents.
Mahmoud commended President Tinubu, Wike, the National Assembly, contractors, consultants, traditional rulers, security agencies and residents of Gaduwa for their contributions to the successful completion of the project, assuring that the FCT Administration would sustain the pace of infrastructure development across the territory.
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