The Economic and Financial Crimes Commission (EFCC) has submitted a budget proposal of N76.586 billion for the year 2024 to the House of Representatives Committee on Financial Crimes, signifying a substantial 53.48% increase from its 2023 appropriation of N49.901 billion.
Breaking down the proposed budget, EFCC’s Executive Chairman, Ola Olukoyede, highlighted allocations of N37.074 billion for personnel costs, N14.513 billion for overhead costs, and N25 billion for capital expenses.
Olukoyede attributed the significant budget surge to increased expenses across personnel, overhead, and capital categories for the upcoming fiscal year.
In a detailed review of the EFCC’s 2023 budget performance, Olukoyede revealed that a significant portion of the allocated funds had been utilized.
Specifically, 77% of the personnel cost and 67% of the overhead cost for 2023 had been released, primarily directed towards staff salaries, allowances, and operational expenses.
The House Committee on Financial Crimes Chairman, Ginger Obinna, acknowledged the escalating threat posed by sophisticated financial crimes in the nation.
He emphasized the importance of adequately equipping institutions like the EFCC to combat these evolving challenges, citing the necessity to stay ahead in strategies and resources to counteract these threats.
Obinna reiterated the committee’s commitment to creating an environment where financial institutions are trustworthy and capable of safeguarding the nation’s economic stability.
He underscored the pledge to allocate necessary resources for the EFCC to effectively execute its mission to combat economic and financial crimes, reflecting the committee’s dedication to empowering the commission to fulfil its crucial role.
