Business News

EFCC defends N76.586 billion budget proposal for 2024 

The Economic and Financial Crimes Commission, EFCC, on Tuesday, December 5, 2023, presented a defence before the House of Representatives Committee on Financial Crime, seeking approval for N76.586 billion in the 2024 financial year.  

This reflects a substantial 53.48% increase from the N49.901 billion allocated in the 2023 Appropriation. 

The budget estimate comprises N37.074 billion for personnel costs, N14.513 billion for overhead costs, and N25 billion for capital costs. 

During the presentation of the budget to the House of Representatives Committee on Financial Crimes, Ola Olukoyede, the Executive Chairman of the EFCC, emphasized that the proposed 2024 estimate of N76.486 billion marked a substantial rise compared to the N49.901 billion budget in 2023.

This increase was attributed to additional allocations required for overhead, personnel, and capital expenses. 

The EFCC Chairman explained that the Commission seeks additional funds for overhead due to the escalating expenses associated with air travel tickets, motor vehicle fuel, diesel, and the maintenance of buildings, operational vehicles, and office equipment at both the headquarters and its fourteen Zonal Commands. 

He therefore expressed gratitude for the Committee’s backing of the Commission in fulfilling its responsibilities and acknowledged the achievements in combating economic and financial crimes, as well as other corrupt practices. 

On his part, Ginger Obinna, the Chairman of the House Committee on Financial Crimes, emphasized that the stability and progress of any economy face a substantial threat from financial crimes. 

He mentioned that the Committee’s dedication to transparent budget defence and discussions reflects their commitment to fostering trust in financial institutions driving the economy, empowering the EFCC to fulfil its crucial role.