The Senate Committee on Anti-corruption and Financial Crimes has advocated for a significant increase in the budgetary allocation for the Economic and Financial Crimes Commission (EFCC) to enable the agency to effectively carry out its duties.
This call was made during the committee’s oversight visit to the EFCC headquarters in Abuja on Monday.
Chairman of the Senate Committee, Senator Udende Emmanuel, expressed his belief that the EFCC requires more resources to meet the growing challenges in tackling financial crimes.
He cited a specific example of the EFCC’s need for advanced software to combat fraudulent virtual currency trading, which has become a significant threat to the country’s financial system.
Senator Udende noted that the commission had requested a software valued at approximately N3.4 billion to address this issue.
“When the EFCC chairman is telling you that he needs a software that will tackle virtual and fraudulent cryptocurrency trading, valued at about N3.4 billion, then you will understand why they need more funding,” Senator Udende stated.
He added that the committee would push for increased funding for the EFCC through adjustments in the national budget.
In addition to advocating for more funds, Senator Udende suggested that the EFCC should be allocated a percentage of the funds it recovers through its anti-corruption activities, similar to how the Nigeria Customs Service (NCS) receives a share of the seizures it makes.
This would provide the EFCC with the necessary financial resources to bolster its operations and sustain its fight against corruption.
Earlier, the EFCC Chairman, Ola Olukoyede, echoed the call for more funding, highlighting the severe impact of inadequate resources on the commission’s ability to perform its duties.
Olukoyede informed the Senate committee that the EFCC required a budget increase of about 300 percent in its 2024 allocation to effectively tackle the growing scale of financial crimes in the country.
READ ALSO: Lagos Govt invites Bidders to Build Gas-Fired Power Plants
Olukoyede also spoke about the devastating impact of corruption on Nigeria’s development, revealing that the EFCC is currently investigating government agencies involved in the diversion of public funds or outright embezzlement. He assured the committee that the EFCC would continue to hold such entities accountable and ensure that those found guilty are brought to justice.
The EFCC chairman further disclosed that the commission is intensifying its investigations into the extractive industry, with plans to bring charges against individuals implicated in corrupt practices in the sector.
In addition, Olukoyede discussed the challenge of businesses trading in foreign currencies, particularly the ongoing practice of pricing goods and services in US dollars.
Despite efforts to curb this practice, he noted that certain businesses continue to engage in it. “The EFCC will keep hunting them down,” he declared, emphasizing the commission’s commitment to enforcing Nigeria’s financial regulations.
The Senate Committee’s visit and the discussions surrounding increased funding for the EFCC underscore the legislative body’s support for strengthening the agency’s capacity to combat corruption, which remains a significant challenge to Nigeria’s development and governance.
