Senate moves to increase EFCC budget allocation
The Senate Committee on Anti-Corruption and Financial Crimes has vowed to increase the budget allocation for the Economic and Financial Crimes Commission (EFCC) to enhance its ability to fulfill its anti-graft duties.
Senator Emmanuel Udende, Chairman of the committee, made the statement during an oversight visit to the EFCC headquarters in Abuja on Monday.
The Chairman of the Senate Committee on Anti-Corruption and Financial Crimes, Senator Emmanuel Udende, has emphasized the need for increased funding for the Economic and Financial Crimes Commission (EFCC) to effectively combat corruption.
Senator Udende pointed out that the EFCC requires more resources, citing the agency’s need for specialized software to tackle fraudulent cryptocurrency trading, valued at approximately ₦3.4 billion. “When the EFCC chairman tells you they need a software to address virtual and fraudulent cryptocurrency trading, you understand why they need more funding,” he said.
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He further suggested that, similar to the Nigeria Customs Service (NCS), the EFCC should receive a percentage of the funds it recovers to support its operations. “Just like Customs, who receive a percentage of their yearly seizures, the EFCC should also benefit from the proceeds of crime it recovers,” he added.
Earlier, EFCC Executive Chairman, Mr. Olanipekun Olukoyede, had called on the National Assembly to increase the agency’s budget allocation by 300% in the 2025 fiscal year.
Senator Emmanuel Udende explained that the proposed increase in funding for the Economic and Financial Crimes Commission (EFCC) is necessary to enable the agency to acquire state-of-the-art technology to combat illicit financial flows and economic sabotage.
He noted that one of the EFCC’s biggest challenges is inadequate funding, adding that the agency requires a 300% increase in its 2024 budget to effectively carry out its critical functions.
Additionally, he called for the cooperation of lawmakers in changing the negative perception many Nigerians have about the agency, stressing the need for broader public support to strengthen the EFCC’s anti-corruption efforts.
The chairman also mentioned that the EFCC is actively investigating the extractive industry and that individuals found culpable will soon face charges in court.
Olukoyede, expressing concern about the detrimental impact of corruption on Nigeria’s overall functioning, emphasized that the EFCC would be scrutinizing government agencies suspected of diverting budget allocations for personal gain or engaging in outright embezzlement.
He further revealed that the commission has been granted access to the Integrated Personnel and Payroll Information System (IPPIS) to monitor and track all disbursements, ensuring that funds are properly utilized.
In seeking the senators’ support for the EFCC’s efforts, Olukoyede emphasized that the commission would also be keeping an eye on their constituency projects.
“We now have a partnership with the Office of the Accountant General, and we’ve been granted access to the IPPIS,” he stated. “Our goal is to monitor fund releases and track how the money is spent.”
He added, “I am pleased to inform you, distinguished members of the Senate, that we will be monitoring your constituency projects. I trust you will cooperate with us in this endeavor.”
“There should be no issues. We will track the allocations, and I believe you will assist us in championing this cause,” Olukoyede concluded.
Proofreading by Uchechi Ojo, Sub-editor at NeptunePrime.
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