EFCC seeks 300% increment in its 2024 budget

Economic and Financial Crimes Commission (EFCC) has told the Senate Committee on Anti-corruption and Financial Crimes that one of its greatest challenges is inadequate funding, calling for a 300 per cent increment of its 2024 budget to carry out its duties effectively.

EFCC Chairman, Ola Olukoyede, spoke, yesterday, when the committee visited the commission’s headquarters in Abuja on oversight function.

Olukoyede, who lamented the effects of corruption on Nigeria, said it would investigate government agencies, who corruptly diverted budgetary allocations to other things or completely embezzled them.

The antigraft agency boss also stated that it was investigating the extractive industry and very soon, people would be charged to court.

He also announced that the commission had been granted access to the Integrated Personnel and Payroll Information System to monitor government disbursements.

According to Olukoyede, this access will enable the EFCC to track all disbursements and ensure proper utilisation.

Olukoyede sought the cooperation of the senators, emphasising that the EFCC would be monitoring their constituency projects.

He said: “We now have a relationship with the Accountant General’s Office. We have been given access to IPPIS. We want to monitor the releases and track where the money goes. So, I am pleased to inform you, distinguished members of the Senate, that we will be monitoring your constituency projects. I hope you will cooperate with us. There will be no problem. We will monitor the allocation and I believe you will also help us champion this cause.”

Speaking earlier, the Chairman of the committee, Senator Udende Emmanuel, stated that the commission deserved increased budgetary allocation to effectively carry out its duties.

“The EFCC requires more funding. When the EFCC chairman is telling you that he needs a software that will tackle fraudulent cryptocurrency trading, valued at about N3.4 billion, you will understand why they need more funding. What we will do is to increase their funding through budgetary allocation,” Senator Udende stated.