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EFCC SEEKS UPWARD REVIEW OF BUDGETARY ALLOCATION TO 25 BILLION                                                   

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EFCC SEEKS UPWARD REVIEW OF BUDGETARY ALLOCATION TO 25 BILLION                                                                                                               06-12-23

By Sadiq Aminu                                                      The Chairman Economic and Financial Crimes Commission Mr Ola Olukoyede, has urged the House of Representatives to increase the capital allocation of the commission to 25 billion naira in the 2024 budget.

Mr Olukoyede made the call when he appeared before the house committee on financial crimes for the commencement of the 2024 budget defense exercise.

This he said is to enable the commission to prosecute the anti-corruption war effectively.

He said the few capital projects they executed this year were not carried out with the 2023 capital allocation, but with the roll over of the commission’s 2022 allocation.

According to him, the envelope budget being given to the Commission is hampering its operations.

“We have an envelope of N1.241 billion for capital which will not do anything for the commission, hence we are proposing N25 billion as capital cost.

“The request for additional overhead is because of high costs such as air travel tickets, motor vehicles costs, diesel cost, building maintenance, operational vehicles, office equipment acquisition, maintenance of operations in other 14 zonal commands apart from Abuja and acquisition of our own properties across the commission’s 14 zonal offices that operate outside Abuja.

Olukoyede stated that limited funding has hindered adequate recruitment of qualified personnel, acquisition of modern technology, and development of necessary infrastructure for the commission to succeed in its anti-corruption crusade and other related crimes.

Chairman of the Committee Mr Ginger Obinna observed that financial crimes pose a significant threat to the nation’s economic stability and progress.

He said it is the duty of the Committee to stay ahead of the threats by adapting strategies and equipping the EFCC to counteract forces that seek to undermine the economic well-being of the nation and its citizens.

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