EFCC Seeks N2.6 Billion For Vehicles, Demands extra N33 Billion Allocation

Abuja, Nigeria– The Economic and Financial Crimes Commission (EFCC) has forwarded a request to the National Assembly to consider a significant increase in its 2024 budgetary allocation.

The anti-graft agency, currently allocated N43 billion, is seeking an additional N33 billion, pushing for a revised budget of N76 billion.

The request was presented by the Chairman of the EFCC, Ola Olukoyede, during a budget synopsis session held on Tuesday, December 5. Olukoyede addressed the House of Representatives Committee on Financial Crimes, outlining the rationale behind the agency’s plea for a substantial budgetary boost.

Speaking before the committee, Olukoyede emphasized the urgent need for expanded resources to enhance the EFCC’s operational capacity and effectiveness in tackling financial crimes across the country.

He cited the increasing sophistication of economic offences and the agency’s commitment to staying ahead of evolving criminal tactics as key drivers behind the request.

The FG’s Budget Office proposed N43.1 billion for the commission with a breakdown of N37 billion as personnel cost, N4.7 as overhead and N1.2 billion for capital projects.

But, the EFCC proposed N76.5 billion with a capital component of N25 billion, overhead pegged at N14.5 billion and personnel cost at N37 billion.

Breaking down the costs, the commission proposed N2.6 billion for the procurement of vehicles in 2024 and another N1.7 billion for international travels.

Going forward, the budget office, in its final approval, removed the N2.6 billion for vehicles, N11 billion proposed for the construction of offices and N2.6 billion for security equipment.

It also slashed the proposal for foreign trips to N563.2 million from the N1.7 billion proposed by the EFCC.

Justifying the need for the lawmakers to increase the EFCC budget, Olukoyede said;

“From the realistic point of view, what we think is, it will be good for us to work because if we ‘manage’ to investigate and prosecute crime, you (lawmakers) will also ‘manage’ to abuse us that we are not working,” he said

“So, we don’t want to receive such an attack (criticisms) from you and we don’t want to ‘manage’. That is why we increased it (capital expenditure) to N25 billion which we think will suffice for us to operate in the year 2024,” he added.

Mr Olukoyede said the commission is proposing N25 billion as capital cost because the N1.241 billion proposed by the budget office “will not do anything” for the agency.