The Economic and Financial Crimes Commission (EFCC) has presented a budget of N76.586 billion as its budget proposal for 2024 to the House of Representatives Committee on Financial Crimes.
The proposed budget represents a 53.48 per cent increase above the EFCC’s 2023 appropriation of N49.901 billion.
In the budget estimate, a total sum of N37.074 billion was proposed as personnel cost, N14.513 billion as overhead cost and N25 billion as capital cost.
Presenting the budget to the committee on Tuesday, December 5, 2023, the EFCC Chairman, Ola Olukoyede, said the 2024 budget represented a significant increase over the 2023 billion budget owing to additional funds needed for overhead, personnel and capital costs.
Olukoyede said: “This increase is solely attributable to the increase in personnel cost from N36.834 billion to N37.074 billion in 2024, overhead cost from N10.535 billion to 14.513 billion in 2024 and capital cost from N2.531 billion to N25.000 billion in 2024.”
Speaking on the 2023 budget performance, the EFCC boss explained that the sum of N36.835 billion was appropriated as the Commission’s personnel cost for the year, saying “out of this figure, the sum of N28.452 billion representing 77 per cent 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 N7.024 billion representing 67 per cent of the N10.535 billion appropriated for the EFCC for its overhead cost in 2023 has so far been released.
The EFCC chairman further stated that the anti-graft agency’s request for additional funds for overhead was 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 14 Zonal Commands.
Olukoyede, however, appreciated the committee’s support for the EFCC 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, the Chairman of the House Committee on Financial crimes, Ginger Obinna, said financial crimes pose a significant threat to the stability and progress of any economy.
Obinna said: “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.