The Economic and Financial Crimes Commission (EFCC) presented a budget proposal of N76.586 billion for the 2024 financial year to the House of Representatives Committee on Financial Crimes on Tuesday, December 5, 2023.

In a statement made available to Newsmen by EFCC spokesperson Dele Oyewale, the proposed budget represents a 53.48 per cent increase over and above the commission’s 2023 appropriation of N49.901 billion.

Breaking down the budget, the Executive Chairman of EFCC, Ola Olukoyede, noted that a total sum of N37.074 billion was proposed as personnel costs, N14.513 billion as overhead costs, and N25 billion as capital costs.

He further noted that the 2024 proposed estimate of N76.486 billion represented a significant increase over 2023’s N49.901 billion budget owing to additional funds needed for overhead, personnel, and capital costs.

“This increase is solely attributable to the increase in personnel costs from N36.834 billion to N37.074 billion in 2024, overhead costs from N10.535 billion to 14.513 billion in 2024 and capital costs from N2.531 billion to N25 billion in 2024,” he said.

Commenting on the 2023 budget performance, Olukoyede explained that the sum of N36.835 billion was appropriated as the commission’s personnel cost for the year.

“Out of this figure, the sum of N28.452 billion, representing 77 per cent, has been released for the payment of salaries and allowances of staff on the commission’s payroll between January and November 2023,” he said.

He added: “The sum of N7.024 billion, representing 67% of the N10.535 billion appropriated for the commission for its overhead cost in 2023, has so far been released.”

The EFCC Chairman further stated that the commission’s request for additional funds for overhead is due to the high cost of air travel tickets, motor vehicle fuel cost, diesel costs, and high cost of maintenance of buildings, operational vehicles, and office equipment in the headquarters and 14 zonal commands.

He appreciated the committee’s support for the commission in the discharge of its duties and the successes it is achieving in the fight against economic and financial crimes and other acts of corruption.