The Economic and Financial Crimes Commission (EFCC) has made 2024 budget proposal of N76.586 billion (Seventy Six Billion, Five Hundred and Eighty Six Million Naira) to the House of Representatives’ Committee on Financial Crimes.
EFCC disclosed the budget presentation in a statement on Tuesday (today), adding that there is an increment of over 50% compared to that of last year.
“The proposed budget represents a 53.48% increase over and above the Commission’s 2023 appropriation of N49.901billion (Forty Nine Billion, Nine Hundred and One Million Naira). In the budget estimate, a total sum of N37.074 billion (Thirty Seven Billion, Seventy Four Million Naira) was proposed as personnel cost, N14.513 billion (Fourteen Billion, Five Hundred and Thirteen Million Naira) as overhead cost and N25 billion (Twenty Five Billion Naira) as capital cost,” the anti-corruption agency stated.
According to the statement, the Chairman of EFCC, Mr. Ola Olukoyede while presenting the budget to the House of Representatives Committee on Financial Crimes revealed that the increment in the proposed estimate of the 2024 budget is as a result of additional funds needed for overhead, personnel and capital costs.
His words: “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.”
Olukoyede highlighted the 2023 budget performance, stressing that the sum of N36.835 billion was appropriated as the Commission’s personnel cost for the year.
He said: “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 also mentioned that the Commission’s request for additional funds for overhead is because of the hike in the cost of air travel ticket, motor vehicle fuel cost, diesel cost and high cost of maintenance of buildings.
Similarly, he listed operational vehicles, office equipment in the headquarters and fourteen Zonal Commands as parts of the increment.
He commended 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, not forgetting other acts of corruption.
Meanwhile, Chairman of the House Committee on Financial Crimes, Mr. Ginger Obinna in his remarks disclosed 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 also revealed 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.
This, he said will empower the EFCC to carry out its vital duty, stressing that “it is a pledge to provide the necessary resources to empower the Economic and Financial Crimes Commission to carry out its vital mission effectively.”
