From Ndubuisi Orji, Abuja
Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has said the agency was yet get any release for its capital expenditure in the 2023 fiscal year.
Olukoyede stated this, yesterday, when he appeared before the House of Representatives Committee on Financial Crimes, to defend the commission’s 2024 budget estimates. He said the EFCC needs adequate funding to be able to deliver on its mandate.
He explained that though N2. 53 billion was appropriated for the anti-graft agency, as capital expenditure in the 2023 fiscal year, “we have to report to you that so far there have been no releases at all for capital in 2023.”
Olukoyede, while speaking on the 2024 budget proposal of the agency, explained that though the EFCC proposed N76.586 billion, it was given an envelope of N43.109 billion by the budget office.
He said: “Under our capital cost, we have an envelope of N1.241 billion, which will not do anything for us. Against that, we are proposing N25 billion as our capital cost.
“Now, the total budget proposal we have for 2024, is N76.586 billion as against the envelope of N43.109 billion. Mr. Chairman sir, and other members of the committee, the 2024 proposed estimate of N76.586 billion represents a 53.48 per cent increase over and above the 2023 Appropriation of N49.901 billion.
“This increase is solely attributed to the increase in personnel cost from N36.834 billion to N37.074 billion in 2024. Of course, our operations keep expanding and we also envisaged that we are going to bring in more staff in the year under review.
“Then, we have overhead cost from N10.535 billion to N14.513 billion in 2024, and capital cost from N2.531 billion to N25 billion in 2024. This came about because of the expansive projects we are going to embark on.
“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. And so, we intend to have our buildings across our 14 zonal offices that we operate outside Abuja.
“In view of the above, distinguished chairman of the committee and other members, many other considerations, I crave this distinguished committee’s indulgence for a special consideration of our 2024 capital and overhead envelope for upward review.”
Earlier, the Chairman, House Committee on Financial Crimes, Ginger Onwusibe, expressed worry over the surge in sophisticated financial crimes and the need to quickly arrest the development.
“Financial crimes pose a significant threat to the stability and progress of any economy,” he said.
According to him, in recent years, the nation has witnessed a surge in sophisticated financial crimes that demand immediate attention and robust defence mechanisms.
He said from money laundering to cybercrime, the challenges remained multifaceted and ever-evolving, adding that it was the duty of the committee to stay ahead of the threats.
He said it was imperative to adapt its strategies and equip the relevant agencies adequately to counteract the forces that sought to undermine the economic well-being of the nation.
“The budget estimate before us today is not just a collection of numbers; it is a reflection of our commitment to creating an environment where our citizens can trust the financial institutions that drive our economy,’ he said.
He said the committee pledged to provide the necessary resources to empower the EFCC to carry out its vital missions effectively.