EFCC proposes N76.59bn budget for 2024

The Economic and Financial Crimes Commission (EFCC) has proposed a budget estimate of N76.59bn for the 2024 financial year.

The Chairman of the commission, Ola Olukoyede, while interfacing with the House of Representatives Committee on Financial Crimes on Tuesday, during budget defence, also disclosed that the anti-graft agency rolled over capital projects executed in 2023 from 2022.

Olukoyede said: “The commission’s total budget proposal for 2024 is N76.59bn. The 2024 proposed estimate of N76.59bn, represents a 53.48 per cent increase over and above the 2023 Appropriation of N49.91 bn. This increase is solely attributed to the increase in personnel cost from N36.83bn in 2023 to N37.07bn in 2024.

“Under budgetary heads, we have the personnel, overhead and the capital. In our proposal for 2024, we have proposed N37.07bn against an envelope of the same amount of N37.07bn. We still maintained the amount we had in the envelope, in personnel costs.

“Under overhead, the envelope was N4.79bn, but we are proposing to this committee to help us to carry out our mandate, with the sum of N14.51bn.

Read also: Investors make N165bn as equities market rebounds, appreciates by 0.43%

“Under our capital cost, we have an envelope of N1.24bn, which will not do anything for us. As a result, we are proposing N25bn as our capital cost.”

He also premised the demand for increased capital spending on the growth of the commission.

“Our operations keep expanding and we also envisaged that we are going to bring in more staff in the year (2024) under review”, he said.

Olukoyede further revealed the commission’s overhead cost in 2024 as N14.5bn up from N10.53bn in 2023 and N25bn capital expenditure up from N2.5bn in 2023.

“Quite a number of our zonal offices are rented apartments, and of course, when you are doing this kind of work, it’s not expedient for you to operate in rented apartments. We intend to have our buildings across the 14 zonal offices we operate, outside Abuja.

“The request for additional overhead is because of the high cost of air travel tickets, motor vehicles costs, diesel cost, building maintenance, operational vehicles, office equipment, acquisition of our properties and maintenance of our operations in other 14 zonal commands apart from Abuja,” he said.

Earlier in his remarks, the Chairman of the Committee, Ginger Onwucebe, (LP, Abia State) noted that the Committee would do its part to assist the government in the fight against financial crimes.

“Our task is formidable, as financial crimes continue to evolve in sophistication and scale, posing a significant threat to the stability and growth of our economy.

“The challenges we face require not only vigilance, but a strategic allocation of resources to empower the Nigerian Financial Intelligence Unit to effectively, counteract illicit activities that undermine our economic well-being and our nation.

“The budget we are reviewing today is not merely a set of figures but a reflection of our dedication to creating an environment, where our citizens can trust the financial institutions that drive our economic engine for growth and development,” he said.

Onwucebe also emphasized the need to invest in the training of personnel to enhance the capacity of EFCC personnel.

“By providing comprehensive training programmes, we can equip our teams with the expertise needed to navigate complex financial investigations and ensure a swift and effective response to illicit activities.

“Let us unite in our commitment to safeguarding the economic prosperity of our nation, recognizing that our collaboration with NFIU is instrumental in achieving our common goal,” he said, stressing that “Together, we can build a resilient financial system.”

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now