The Economic and Financial Crimes
Commission, EFCC, on Tuesday, December 5, 2023, presented a budget of
N76.586billion (Seventy Six Billion, Five Hundred and Eighty Six Million Naira)
as its budget proposal for 2024 to the House of Representatives’ Committee on
Financial Crimes.
The proposed budget represents a
53.48% increase over and above the Commission’s 2023 appropriation of
N49.901billion (Forty Nine Billion, Nine Hundred and One Million Naira).
In the budget estimate, a total sum of N37.074 billion( Thirty Seven
Billion, Seventy Four Million Naira) was proposed as personnel cost,
N14.513billion( Fourteen Billion, Five Hundred and Thirteen Million Naira) as
overhead cost and N25.000( Twenty Five Billion Naira) as capital cost.
Presenting the budget to the House of
Representatives Committee on Financial Crimes, Executive Chairman of the
EFCC, Ola Olukoyede stated that the 2024 proposed estimate of N76.486 billion
represented a significant increase over 2023’s N49.901 billion budget owing
to additional funds needed for overhead, personnel and capital costs.
“This increase is solely attributable
to the increase in personnel cost from N36.834billion to N37.074billion in
2024, overhead cost from N10.535billion to 14.513billion in 2024 and capital cost
from N2.531billion to N25.000billion in 2024,” he said.
Commenting on the 2023 budget
performance, Olukoyede explained that the sum of N36.835billion was
appropriated as the Commission’s personnel cost for the year, “out of this
figure, the sum of N28.452billion representing 77% has been released for the
payment of salary and allowances of staff on the Commission’s payroll between
January and November 2023. He added that the “the sum of N7.024billion
representing 67% of the N10.535 billion appropriated for the Commission for its
overhead cost in 2023 has so far been released.”
The EFCC Chairman further stated that
the Commission’s request for additional funds for overhead is due to high cost
of air travel ticket, motor vehicle fuel cost, diesel cost and high cost of
maintenance of buildings, operational vehicles and office equipment in the
headquarters and fourteen Zonal Commands.
He appreciated the Committee’s
support for the Commission in the discharge of its duties and the successes it
is achieving in the fight against economic and financial crimes and other acts
of corruption.
Responding, Chairman,
House Committee on Financial crimes, Ginger Obinna stated that financial
crimes pose a significant threat to the stability and progress of any economy.
“In recent years, our nation has witnessed a surge in sophisticated financial
crimes that demand our immediate attention and robust defense mechanisms.
From money laundering to cybercrimes, the challenges are multifaceted and
ever-evolving.
It is our duty to stay ahead of these
threats, adapt our strategies and equip ourselves adequately to counteract the
forces that seek to undermine our economic wellbeing and that of our nation.”
He stated that the budget’s defence
and discussions on issues related to it was a reflection of the Committee’s
commitment to creating an environment where citizens can trust the financial
institutions that drive the economy and which will empower the EFCC to carry
out its vital duty. “It is a pledge to provide the necessary resources to
empower the Economic and Financial Crimes Commission to carry out its vital
mission effectively,” he said.
