EFCC laments zero release of 2023 capital budget, seeks upward review of 2024 allocation

The Economic and Financial Crimes Commission (EFCC) said on Tuesday, December 5, that it was unable to access its capital budget of N2.5 billion for the 2023 fiscal year.
The commission also said that out of its proposal for a N25 billion capital budget for the 2024 fiscal year, the Budget Office of the Federation has only given them an envelope of N1.2 billion for the year which he said would be grossly inadequate for their needs.

The chairman of the commission, Ola Olukoyede who spoke while defending the commission’s 2024 budget estimate, said the only capital projects executed in 2023 were the rollover capital projects for 2022.

He said about 79 per cent of the Commission’s appropriation has been released, pointing out that the job release of its capital budget for 2023 affected the execution of some of its projects for the year.

While appealing to the members to increase the Commission’s capital budget for 2024, the EFCC boss said they plan to buy houses to accommodate its 14 zonal offices spread across the country.

He disclosed that the agency was currently operating from rented apartments in the various zonal offices, saying “When you do the kind of work that we do, you should not be operating from a rented office”.

He said the Commission’s total budget proposal for 2024 was 76.586 billion but was given an envelope of N43.109 billion by the Budget Office.

He said the Commission had proposed N37.074 billion for personnel which was approved by the budget Office, while the budget Office however reduced its overhead cost for the year from N14. 513 billion to N4. 794 billion

He said further: “Under our capital cost, we have an envelope of N1.241 billion, which will not do anything for us. Against that, we are proposing N25 billion as our capital cost.

“Now, the total budget proposal we have for the year 2024, is N76.586 billion as against the envelope of N43.109 billion. Mr Chairman sir, and other members of the committee, the 2024 proposed estimate of N76.586 billion represents a 53.48 per cent increase over and above the 2023 Appropriation of N49.901 billion.

“This increase is solely attributed to the increase in personnel cost from N36.834 billion to N37.074 billion in 2024. Of course, our operations keep expanding and we also envisaged that we are going to bring in more staff in the year under review.

“Then, we have overhead cost from N10.535 billion to N14.513 billion in 2024, and capital cost from N2.531 billion to N25 billion in 2024. This came about because of the expansive projects we are going to embark on.

“Quite a number of our zonal offices are rented apartments, and of course when you are doing this kind of work, it’s not expedient for you to operate in rented apartments. And so, we intend to have our buildings across our 14 zonal offices that we operate outside Abuja.

“The request for additional overhead is because of the high cost of air travel tickets, motor vehicles costs, diesel cost, building maintenance, operational vehicles, office equipment, and acquisition of our properties and maintenance of our operations in other 14 zonal commands apart from Abuja.

“In view of the above, distinguished chairman of the committee and other members, many other considerations, I crave this distinguished Committee’s indulgence for a special consideration of our 2024 capital and overhead envelope for upward review.”

The chairman of the committee, Hon. Ginger Obinna collective commitment to fiscal responsibility and transparency is fundamental to the prosperity of our great nation. As we delve into the budgetary considerations, it is imperative that we recognize the pivotal role played by the Financial Crimes Commission.

He said financial crimes pose a significant threat to the stability and progress of any economy, adding that in recent years, the Nigerian nation has witnessed a surge in sophisticated financial crimes that demand immediate attention and robust defence mechanisms.

He said: “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 well-being and that of our nation.

“The budget estimate before us today is not just a collection of numbers; it is a reflection of our commitment to creating an environment where our citizens can trust the financial institutions that drive our economy. It is a pledge to provide the necessary resources to empower the Financial Crimes Commission to carry out their vital missions effectively.”

He said the committee will consider strengthening its ability to investigate and prosecute financial crimes which requires continuous investment in training and development by enhancing the skills of its personnel.

He also spoke of the need to encourage individuals to come forward with information about financial crimes by establishing and maintaining robust whistleblower protection mechanisms

He said that members have a collective responsibility to ensure that our financial system remains resilient and trustworthy, saying “The budgetary decisions we make today will shape the effectiveness of our defence against financial crimes and criminalities tomorrow.

“Let us stand united in our commitment to safeguarding the economic prosperity of our nation, and let our actions speak louder than words in the pursuit of justice and financial integrity. Corruption can never be business as usual.”