The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has raised concerns over insufficient funding, warning that it could hinder the commission’s ability to effectively execute its mandate.
Olukoyede spoke on Tuesday before the Senate Committee on Anti-Corruption and Financial Crimes, chaired by Sen. Emmanuel Udende, where he presented the EFCC’s expenditure report for the 2025 fiscal year and its budget proposals for 2026.
According to him, only 50 per cent of the commission’s capital allocation was released, a shortfall that has affected critical operations. He further disclosed that contractors handling EFCC projects remain unpaid, and licence providers essential to investigative work have yet to be serviced.
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He said, “We are afraid contractors have not been serviced, even the licence providers and that will be a major problem for us this year because we need those licenses to continue our work seamlessly.”
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Olukoyede explained that the EFCC received an approved appropriation of N92.22 billion for 2025, of which 74 per cent had been released as of December 31, 2025. He noted that the Federal Government’s envelope budgeting system limits agencies to predetermined spending ceilings, which has further constrained operations.
As a result, the commission’s proposed capital expenditure for 2026 stands at N22.8 billion, representing 70 per cent of last year’s allocation. The EFCC chairman emphasized, “We cannot go beyond that limit, adding that payments for capital projects already executed by contractors are still outstanding, leading to the abandonment of several projects.”
He added that the matter has been formally reported to the Accountant-General of the Federation and appealed for an upward review of the EFCC’s overhead costs to enhance operational efficiency.
Olukoyede also called on the Senate to strengthen its partnership with the commission in the collective effort to build a corruption-free Nigeria.
