Economy

Senate re-introduces South East Development Commission Bill

The Senate on Wednesday re-introduced a Bill that seeks to establish the South East Development Commission (SEDC).

The SEDC Bill was sponsored by the Senator representing Anambra North, Stella Adaeze Oduah.

The Bill, which scaled first reading Wednesday was earlier passed by the Eight National Assembly but was not assented to by President Muhammadu Buhari.

The Commission when established is expected to receive and manage funds from an allocation from the federation for the rehabilitation, reconstruction, and reparation for lost houses and business of victims of the Nigerian Civil War.

The commission would also address any other environmental or developmental challenge and for related matters in the geo-political zone.

Clause 15 (2a) of the Bill which identifies the source of funding for the commission, stipulated that the equivalent of 10 percent of the total monthly statutory allocation due to the member states of the commission shall be from the Federation Account.

The Bill also seeks the establishment of a governing board for the commission which shall include one person each from the other five geopolitical zones of the country.

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