The House of Representatives Committee on Financial Crimes has received a budget proposal from the Economic and Financial Crimes Commission (EFCC) for the fiscal year 2024, amounting to N76.586 billion. This represents a significant 53.48% increase over the commission’s 2023 allocation of N49.901 billion.
When breaking down the proposed budget, EFCC Executive Chairman Ola Olukoyede noticed allocations of N37.074 billion for staff expenditures, N14.513 billion for overhead costs, and N25 billion for capital outlay.
Olukoyede ascribed the significant increase in the budget to rising personnel, overhead, and capital costs for the forthcoming fiscal year.
After examining the EFCC’s 2023 budget performance in great detail, Olukoyede found that a sizable amount of the monies had been used.
In 2023, 77% of the personnel cost and 67% of the overhead cost had been disclosed; these costs were mainly related to employee pay, benefits, and operating costs.
Ginger Obinna, the chairman of the House Committee on Financial Crimes, recognised the growing threat that sophisticated financial crimes are posing to the country.
Citing the need to keep ahead of the curve in terms of resources and tactics to resist these threats, he underlined the significance of providing organisations like the EFCC with the necessary tools to tackle these changing issues.
Obinna reaffirmed the committee’s dedication to fostering an atmosphere where financial institutions are reliable and equipped to protect the economic stability of the country.
He emphasised the commitment to provide the EFCC with the resources it needs to carry out its objective of fighting financial and economic crimes, highlighting the committee’s commitment to enabling the agency to achieve its vital job.
