The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has expressed concern over inadequate funding, warning that it could hamper the commission’s ability to effectively carry out its mandate.

Olukoyede made this known on Tuesday before plenary, when he appeared before the Senate Committee on Anti-Corruption and financial crimes chaired by Sen. Emmanuel Udende, to present the EFCC’s expenditure performance 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 situation he said has affected critical operations.

He disclosed that contractors handling EFCC projects have not been paid, while licence providers essential to the commission’s investigative work are also yet to be serviced.

“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,” he said.

He explained that the EFCC received an approved appropriation of N92.22 billion for the 2025 fiscal year, out of which 74 per cent had been released as of December 31, 2025.

The EFCC chairman further noted that the Federal Government operates an envelope budgeting system, which restricts agencies to predetermined spending limits.

As a result, the commission’s proposed capital expenditure for the current year stands at 22.8 billion naira representing 70 per cent of the previous year’s capital allocation.

“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 disclosed that the matter has been formally reported to the Accountant-General of the Federation.

Olukoyede also appealed for an upward review of the EFCC’s overhead costs to enable the agency function more efficiently.

He called on the Senate to strengthen its partnership with the commission in the collective effort to build a corruption-free Nigeria. (Channels)

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