EFCC Unveils N76.5 Billion Budget Proposal for 2024 to Enable it “…to Carry Out its Vital Mission Effectively.”

In a significant move to bolster its efforts in tackling financial crimes, the Economic and Financial Crimes Commission (EFCC) presented a robust budget proposal of N76.5 billion to the House of Representatives’ Committee on Financial Crimes on December 5, 2023.

This proposal marks a substantial 53.48% surge compared to the Commission’s 2023 budget of N49 billion.

The breakdown reveals a planned allocation of N37 billion for personnel costs, N14 billion for overheads, and N25 billion for capital expenses.

In the presentation to the committee, EFCC’s Executive Chairman, Ola Olukoyede, clarified that the proposed increase was essential to cover additional expenses in personnel, overhead, and capital costs.

He highlighted that the escalation resulted from the rise in personnel costs from N36.8 billion to N37 billion, overhead costs from N10.5 billion to N14.5 billion, and capital costs from N2.5 billion to N25 billion.

Olukoyede acknowledged the committee’s past support and emphasised the necessity of additional funds for overheads.

He cited escalating costs related to air travel tickets, motor vehicle fuel, diesel, and the maintenance of buildings, operational vehicles, and office equipment across the headquarters and fourteen Zonal Commands.

Reflecting on the 2023 budget performance, Olukoyede disclosed that N28.452 billion, representing 77% of the N36.8 billion allocated for personnel costs, had been released for staff salaries and allowances between January and November 2023.

Additionally, N7billion, constituting 67% of the N10.535 billion earmarked for overhead costs, had been disbursed.

In response, Chairman of the House Committee on Financial Crimes, Ginger Obinna, acknowledged the escalating threat of financial crimes to the nation’s stability.

He asserted the committee’s commitment to creating an environment of trust in financial institutions and empowering the EFCC to effectively carry out its vital mission.

Source: PM News