The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, appeared before the House of Representatives’ Committee on Financial Crimes to present the agency’s budget proposal for 2024, seeking an increase to the estimated N76.586 billion.
During the budget defense, Olukoyede emphasized the necessity for additional resources to fulfill the agency’s mandates, highlighting the potential criticism from both the public and the parliament if performance expectations are not met.
The proposed budget, representing a substantial 53.48% increase from the 2023 appropriation of N49.901 billion, outlines allocations such as N37.074 billion for personnel costs, N14.513 billion for overhead costs, and N25 billion for capital costs. Notably, N4.247 billion is earmarked for local and international travel.
Explaining the budget increase, Olukoyede clarified that the rise is primarily attributed to higher personnel, overhead, and capital costs.
He emphasized the need for additional funds, citing increased expenses related to air travel, fuel, diesel, and maintenance of facilities.
In response, Ginger Obinna, Chairman of the House Committee on Financial Crimes, acknowledged the surge in sophisticated financial crimes and affirmed the committee’s commitment to providing the necessary resources for EFCC’s mission.
Obinna highlighted the importance of countering evolving threats, including money laundering and cybercrimes, to ensure economic stability.
The budget defense session underscored the committee’s dedication to fostering an environment of trust in financial institutions, enabling EFCC to effectively carry out its crucial role in combating economic and financial crimes.
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