EFCC Defends N76.586 Billion Budget Proposal For 2024 Financial Year

EFCC has defended the N76.586 Billion Budget Proposal For the 2024 Financial Year.

 

NewsOnline Nigeria reports that the Economic and Financial Crimes Commission (EFCC) on Tuesday, December 5, 2023, presented a defence before the House of Representatives Committee on Financial Crime, seeking approval for N76.586 billion in the 2024 financial year.  

 

This reflects a substantial 53.48% increase from the N49.901 billion allocated in the 2023 Appropriation. 

 

This Nigeria news platform understands that the budget estimate comprises N37.074 billion for personnel costs, N14.513 billion for overhead costs, and N25 billion for capital costs. 

 

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During the presentation of the budget to the House of Representatives Committee on Financial Crimes, Ola Olukoyede, the Executive Chairman of the EFCC, emphasized that the proposed 2024 estimate of N76.486 billion marked a substantial rise compared to the N49.901 billion budget in 2023.

 

This increase was attributed to additional allocations required for overhead, personnel, and capital expenses. 

 

The EFCC Chairman explained that the Commission seeks additional funds for overhead due to the escalating expenses associated with air travel tickets, motor vehicle fuel, diesel, and the maintenance of buildings, operational vehicles, and office equipment at both the headquarters and its fourteen Zonal Commands. 

“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 billion 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 sum of N7.024 billion representing 67% of the N10.535 billion appropriated for the Commission for its overhead cost in 2023 has so far been released.” 

 

He therefore expressed gratitude for the Committee’s backing of the Commission in fulfilling its responsibilities and acknowledged the achievements in combating economic and financial crimes, as well as other corrupt practices. 

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On his part, Ginger Obinna, the Chairman of the House Committee on Financial Crimes, emphasized that the stability and progress of any economy face a substantial threat from financial crimes. 

He mentioned that the Committee’s dedication to transparent budget defence and discussions reflects their commitment to fostering trust in financial institutions driving the economy, empowering the EFCC to fulfil its crucial role. 

 

“In recent years, our nation has witnessed a surge in sophisticated financial crimes that demand our immediate attention and robust defence 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 well-being and that of our nation. 

 

“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.