The Senate Committee on Anti-Corruption and Financial Crimes has expressed its commitment to increasing the budget allocation for the Economic and Financial Crimes Commission (EFCC) to support its anti-corruption mandate.
Senator Emmanuel Udende, Chairman of the committee, made this statement during an oversight visit to the EFCC headquarters in Abuja on Monday. Udende emphasised that the EFCC’s funding is essential to effectively combat emerging financial crimes.
“When the EFCC chairman explains the need for software to counter virtual and cryptocurrency fraud valued at around ₦3.4 billion, it becomes clear that more funding is crucial,” Udende said, adding that enhanced budgetary support would enable the agency to improve its operations.
He also proposed that the EFCC receive a percentage of its recovered assets to sustain its activities, similar to the Nigeria Customs Service, which retains a percentage of its seizures.
“Like Customs, the EFCC could benefit from a share of the proceeds they recover annually, helping them work more sustainably,” he added.
EFCC Chairman Ola Olukoyede called on the National Assembly to increase the commission’s 2025 budget by 300 percent to enable it to acquire advanced technology for tackling illicit financial flows and economic sabotage.
He stressed that inadequate funding is a significant barrier, noting that a 300 percent budget increase is necessary for the EFCC to fulfil its duties effectively. Olukoyede also appealed to lawmakers to support efforts to improve the agency’s public perception.
The EFCC is currently investigating the extractive industry, and Olukoyede indicated that those implicated would soon face charges.
He expressed concern over the negative impact of corruption on Nigeria and vowed that the EFCC would pursue cases of embezzlement and misuse of government funds.
Additionally, Olukoyede announced that the EFCC now has access to the Integrated Personnel and Payroll Information System (IPPIS), enabling the agency to monitor disbursements and ensure appropriate use of funds. He informed senators that the EFCC would also monitor constituency projects to ensure transparency.
“We now collaborate with the Accountant General’s Office and have access to IPPIS, allowing us to track fund allocations. Distinguished senators, we will also oversee your constituency projects and hope for your support in championing this cause,” he said.
