On Tuesday, December 5, 2023, the Economic and Financial Crimes Commission (EFCC) submitted its budget proposal for 2024, totaling N76.586 billion, to the House of Representatives’ Committee on Financial Crimes. This proposed budget reflects a substantial 53.48% increase compared to the Commission’s 2023 appropriation of N49.901 billion. The detailed estimate allocates N37.074 billion for personnel costs, N14.513 billion for overhead costs, and N25.000 billion for capital costs. EFCC’s Executive Chairman, Ola Olukoyede, highlighted the need for additional funds in 2024 to cover increased overhead, personnel, and capital expenses.
“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 N14.513billion in 2024 and capital cost from N2.531billion to N25billion 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.