The Senate Committee on Anti-corruption and Financial Crimes has expressed determination to increase the budget allocation of the Economic and Financial Crimes Commission (EFCC) to effectively carry out its anti-graft obligation.
The Chairman of the Senate Committee on Anti-Corruption and Financial Crimes, Senator Emmanuel Udende, made this known when he led the committee members on an oversight visit to the EFCC headquarters in Abuja on Monday, November 11, 2024.
Udende said the EFCC required more funding.
The senator said: “When the EFCC chairman is telling you that he needs software that will tackle virtual and fraudulent cryptocurrency trading, valued at about N3.4 billion, then, you will understand why they need more funding.
“So, they really need a lot of money. What you can do is that through budgeting processing, you will be able to also increase their budget.”
He stated that the EFCC deserved a percentage of its recoveries to assist its operations just as the Nigeria Customs Service (NCS) also gets a certain percentage of its seizures.
“Like customs do, they are entitled to a percentage of whatever they get for the year. And if we do it to EFCC, we will be able to work from the proceeds of crime that they recover,” the lawmaker said.
The EFCC Chairman, Ola Olukoyede, had earlier called on the National Assembly to support the anti-graft agency by increasing its allocation in the 2025 budget by 300 per cent.
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Olukoye said this would enable the EFCC to acquire requisite state-of-the-art technology to fight illicit financial flows and economic sabotage.
He listed one of the EFCC’s greatest challenges as inadequate funding, saying the commission would need about 300 per cent increment of its 2024 budget to carry out its duties effectively
He also sought the cooperation of the lawmakers in changing the negative perception of Nigerians about the EFCC.
The EFCC boss disclosed that the commission is currently investigating the extractive industry saying indicted persons will soon be charged to court.
Olukoyede, who lamented the effects of corruption on the general activities in Nigeria, said the EFCC would investigate government agencies which corruptly divert budgetary allocations to other things or embezzle the funds.
Olukoyede revealed that the EFCC had been granted access to the Integrated Personnel and Payroll Information System (IPPIS) to monitor and track all disbursements and ensure proper utilisation.
While seeking the cooperation of the senators in carrying out the EFCC’s duty, Olukoyede added that the anti-graft agency would also be monitoring their constituency projects.
The EFCC chairman said: “We now have a relationship with the Accountant General’s office. We have been given access to the IPPIS. We want to monitor the releases and track where the money goes.
“So, I am pleased to inform you, distinguished members of the Senate, that we will be monitoring your constituency projects. I hope you will cooperate with us.
“There will be no problem. We will monitor the allocation, and I believe you will also help us champion this cause.”
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