Abuja: The Senate Committee on Anti-corruption and Financial Crimes has expressed determination to increase budgetary allocation of the Economic and Financial Crimes Commission (EFCC) to effectively carry out its anti-graft obligation. The Chairman, Senate Committee on Anti-Corruption and Financial Crimes, Sen. Emmanuel Udende, said this when he led the committee members on an oversight visit to the EFCC headquarters in Abuja.
According to News Agency of Nigeria, the committee chairman emphasized the need for increased funding, citing the EFCC’s requirements for advanced software to combat fraudulent cryptocurrency activities, valued at approximately N3.4 billion. Udende stressed the importance of allocating more resources to the EFCC through budgetary processes. He also proposed that the EFCC should receive a percentage of its recoveries to support its operations, similar to the Nigeria Customs Service.
Udende commended the EFCC and its leadership for their performance over the past year, highlighting thei
r achievements in tackling economic and financial crimes. The committee expressed satisfaction with the EFCC’s performance, noting the significant recoveries and convictions achieved.
EFCC Chairman Olukoyede had urged the National Assembly to increase the agency’s budget allocation by 300 percent for 2025 to acquire modern technology for combating illicit financial flows and economic sabotage. He identified inadequate funding as a significant challenge for the EFCC and called for legislative support to change public perceptions of the agency.
Olukoyede revealed ongoing investigations in the extractive industry and announced plans to charge indicted individuals in court. He also mentioned the EFCC’s access to the Integrated Personnel and Payroll Information System, which will help monitor disbursements and ensure proper utilization. Additionally, the EFCC plans to oversee constituency projects to ensure transparency and accountability.
Olukoyede assured the Senate of the EFCC’s commitment to monitoring fina
ncial activities, including those of government agencies, to prevent budgetary misappropriation. He expressed optimism about the cooperation between the EFCC and the Senate in achieving these objectives.