Politics
Nigerians React As EFCC Seeks Approval For N76.586 Billion Budget In 2024-Signifying A Substantial Rise From The N49 Billion Allocated In 2023 (Details)

Breaking down the proposed budget, Ola Olukoyede, the Executive Chairman of EFCC, outlined allocations of N37.074 billion for personnel costs, N14.513 billion for overhead costs, and N25 billion for capital expenses.
Olukoyede attributed the significant budget surge to increased expenses across personnel, overhead, and capital categories for the upcoming fiscal year.
In a detailed review of the EFCC’s 2023 budget performance, Olukoyede disclosed that a substantial portion of the allocated funds had already been utilized. Specifically, 77% of the personnel cost and 67% of the overhead cost for 2023 had been released, primarily directed towards staff salaries, allowances, and operational expenses.
Ginger Obinna, the Chairman of the House Committee on Financial Crimes, acknowledged the escalating threat posed by sophisticated financial crimes in the nation. He emphasized the importance of adequately equipping institutions like the EFCC to combat these evolving challenges, citing the necessity to stay ahead in strategies and resources to counteract these threats.
Obinna reiterated the committee’s commitment to creating an environment where financial institutions are trustworthy and capable of safeguarding the nation’s economic stability. He underscored the pledge to allocate necessary resources for the EFCC to effectively execute its mission to combat economic and financial crimes, reflecting the committee’s dedication to empowering the commission to fulfill its crucial role.
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