2024 Budget Defence: EFCC proposes N76.586 ban as against N43.109

…says capital projects executed in 2023 were 2022 rolled over

By Tom Okpe

The country’s Economic and Financial Crime Commission, (EFCC) has proposed a budget of N76.586 billion for the next financial year, 2024 against it’s currently, appropriation of N43.109bn for the year ended 31 December, 2023.

The Commission also said the capital projects executed in 2023 were 2022 capital rollover to 2023.

This EFCC Chairman, Ola Olukoyede made these known to the House of Representatives Committee on Financial Crime at its budget defence on Tuesday at the National Assembly.

He said: “The Commission’s total budget proposal for 2024 is N76.586 billion as against the budget office envelope of N43.109 billion.

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The 2024 proposed estimate of N76.586 billion, representing 53.48 percent increase over and above 2023 Appropriation of N49.901 billion.

“This increase is solely attributed to the increase in personnel cost from N36.834 billion to N37.074 billion in 2024.

“Under budgetary heads, we have the personnel, overhead and the capital. In our proposal for 2024, we have proposed N37.074 billion as against envelope of the same amount N37.074bn.

“So, we still maintained the amount we have in the envelope, in personnel cost.

“Under overhead, the envelope was N4.794bn, but we are proposing to this committee to help us, carry out our mandate, with the sum of N14.513 billion.

“Under our capital cost, we have an envelope of N1.241 billion, which will not do anything for us. Against that, we are proposing N25 billion as our capital cost.

“Of course, our operations keep expanding and we also envisaged that we are going to bring in more staff in the year under, review.”

Olukoyede further stated that the Commission has overhead cost from N10.535 billion to N14.513 billion in 2024, and capital cost from N2.531 billion to N25 billion in 2024. This came about because of the expansive projects we are going to embark on.

“Quite a number of our zonal offices are rented apartments, and of course, when you are doing this kind of work, it’s not expedient for you to operate in rented apartments.

“So, we intend to have our own buildings across our 14 zonal offices we operate, outside Abuja.

“The request for additional overhead is because of high cost of air travel tickets, motor vehicles costs, diesel cost, building maintenance, operational vehicles, office equipments, acquisition of our properties and maintenance of our operations in other 14 zonal commands apart from Abuja.

“In view of the above and many other considerations, I crave this distinguished Committee’s indulgence for a special consideration of our 2024 capital and overhead envelope for upward review,” he stated.

In his earlier remarks, Chairman of the Committee, Rep Ginger Onwucebe, (LP, Abia state) noted that allocating resources for
international collaboration will enable us, share intelligence, coordinate efforts, and bring offenders to justice across jurisdictions.

He said: “I stand before you today as Chairman, Financial Crimes Committee, entrusted with the responsibility of safeguarding the economic integrity of our nation.

“As we convene for this pivotal budget hearing, it is my honor to address the critical importance of our role in defending our financial landscape, in collaboration with the Nigerian Financial Intelligence Unit, (NFIU).

“Our task is formidable, as Financial Crime continue to evolve in sophistication and scale, posing a significant threat to the stability and growth of our economy.

“The challenges we face require not only vigilance, but a strategic allocation of resources to empower NFIU to effectively, counteract illicit activities that undermine our economic well-being and our nation.

“The budget we are reviewing today is not merely a set of figures but, reflection of our dedication to creating an environment, where our citizens can trust the financial institutions that drive our economic engine for growth and development.

“It is a pledge to provide the necessary resources to fortify our defenses against financial crimes.”

He also said Capacity Building and Training, evolving nature of financial crimes, necessitates continuous investment in skills and capabilities of personnels.

“By providing comprehensive training programs, we equip our teams with the expertise needed to navigate complex financial investigations and ensure a swift and effective response to illicit activities.

“The decisions we make regarding the budget today, will shape the trajectory of our financial defense strategy.

“Let us unite in our commitment to safeguarding the economic prosperity of our nation, recognizing that our collaboration with NFIU is instrumental in achieving our common goal.

“Together, we can build a resilient financial system that stands as a beacon of trust and integrity,” he added.