EFCC submits 76.586 billion naira budget bill to the House of Representatives
The Economic and Financial Crimes Commission (EFCC) on Tuesday, December 5, 2023, submitted a budget of N76,586,000,000 (N7,658,600,000) for the year 2024 to the House of Representatives. Financial Crimes Commission.
The proposed budget represents a 53.48% increase compared to the N49.91 billion (4,991,000,000 Naira) disbursed by the European Commission in 2023. The proposed budget proposed 37,074 million naira (370 billion naira, 74 million naira) for personnel expenses, 14,513 million naira (1,451,300,000 naira) for miscellaneous expenses, and a total of 25,000 naira. (25 billion naira) as cost of capital.
EFCC Chairman Ola Olukoyede, who submitted the budget to the House of Representatives Committee on Financial Crimes, said the estimated 76.486 billion naira proposed for 2024 was lower than the 2023 budget of 49.9 billion naira as additional funds were needed for miscellaneous expenses. He said it was significantly more than 10 million naira. Labor and capital costs.
“This increase reflects a rise in personnel costs from N36,834 million in 2024 to N37,074 million, overhead costs from N10,535 million in 2024 to N14,513 million, and cost of capital to N14,513 million in 2024. This is solely due to the increase from N2,531 million to N25 billion,” he said. He said.
Commenting on the 2023 budget performance, Mr. Olukyoede explained that a total of N36.835 billion was earmarked for the commission’s personnel expenses for the year, adding: “Of this figure, N28.452 billion which is 77% The naira was used to pay salaries.” He added: “A total amount of N7,024 million has so far been announced which is 67% of the N10,535 million allocated to the commission for overhead expenses in 2023.” ”
The EFCC Chairman further stated that the Commission requested additional funds for overhead costs such as airline tickets, vehicle fuel and diesel costs, as well as high maintenance costs for buildings, operating vehicles and office equipment in the headquarters and 14 zones. He said that this is because. command.
He highly appreciated the support of the Commission in carrying out its mandate and the success it has achieved in the fight against economic and financial crimes and other corrupt activities.
In response, House Financial Crimes Committee Chairwoman Ginger Obinna said financial crimes pose a serious threat to the stability and development of any economy. “In recent years, our country has seen a rapid increase in sophisticated financial crimes that require immediate response and robust defense mechanisms. From money laundering to cybercrime, the challenges are multifaceted and constantly evolving. It is our duty to stay ahead of these threats, adapt our strategies, and be appropriately equipped to counter forces that seek to undermine our and our nation's economic well-being.”
He said the defense of the budget and discussion of related issues underlined the commission's commitment to creating an environment where the people can trust financial institutions that drive the economy and where the EFCC is empowered to carry out its important mandate. He said it was a reflection. “This is a commitment to provide the Economic and Financial Crimes Commission with the resources it needs to effectively carry out its important mission,” he said.
Source: guardian.ng