2024 Budget: EFCC Recommends N1.9 Billion For The 2024 Budget

Economic and Financial Crimes Commission (EFCC)

The Economic and Financial Crimes Commission has proposed a budget estimate of N76.59bn for the 2024 financial

In order to purchase cars in 2024, the Economic and Financial Crimes Commission (EFCC) is recommending spending N2.6 billion.

Furthermore, the anti-graft agency is requesting N1.9 billion for some employees, including its chairman Ola Olukoyede, as escrow for foreign trips during the upcoming fiscal year.

The budget office only approved N607 million of the agency's proposed N16 billion for overseas travel, according to the commission's 2024 budget breakdown paper.

The N2.6 billion allocated for car purchases was further reduced to N413.7 million by the budget office.

Speaking before the House Representatives Committee on Financial Crimes on Tuesday, Olukoyede gave an explanation for why the agency's budget should be raised. He stated that in order for the EFCC to carry out its duties and avoid criticism from Nigerians and the parliament for performing below expectations, it requires additional resources.

“From the realistic point of view, what we think will be good for us to work because if we 'manage' to investigate and prosecute crime, you (lawmakers) will also 'manage' to abuse us that we are not working,” he told the lawmakers.

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“So, we don't want to receive such an attack (criticisms) from you and we don't want to 'manage' that is why we increased it (capital expenditure) to N25 billion that we think will suffice for us to operate in the year 2024.”

According to Olukoyede, the budget office cut the commission's projected N76.586 billion overall budget for 2024 to N43.109 billion.

He declared that N37.074 billion of the whole budget will go toward paying employees.

The budget office estimated overhead costs at N4.794 billion, but the EFCC chairman said the commission wants them raised to N14.513 billion in order to support the agency in carrying out its duty...

The anti-corruption chief claims that the N76.586 billion projected estimate for 2024 is a 53.48 percent increase above the N49.901 billion appropriation for 2023.