ENUGU, Nigeria (VOICE OF NAIJA)- The Economic and Financial Crimes Commission (EFCC) has raised the alarm over funding shortfalls, warning that inadequate releases could undermine its capacity to effectively prosecute corruption and financial crimes.
EFCC Chairman, Ola Olukoyede, made the disclosure on Tuesday when he appeared before the Senate Committee on Anti-Corruption and Financial Crimes, chaired by Senator Emmanuel Udende, to present the commission’s 2025 budget performance and defend its proposals for the 2026 fiscal year.
Olukoyede told lawmakers that the commission received only 50 per cent of its capital allocation, a development he said has stalled critical projects and disrupted key operational activities.
According to him, contractors handling EFCC projects are yet to be paid, while service providers supplying essential investigative licences have also not been settled.
“We are worried that contractors have not been serviced, including our licence providers,” the EFCC chairman said.
“That will pose a major challenge this year because those licenses are central to our ability to carry out investigations seamlessly.”
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He disclosed that the EFCC was appropriated N92.22 billion for the 2025 fiscal year, adding that 74 per cent of the total allocation had been released as of December 31, 2025.
Olukoyede explained that the Federal Government’s envelope budgeting system places strict limits on spending, restricting agencies to predetermined ceilings regardless of operational demands.
As a result, the commission’s proposed capital expenditure for 2026 stands at N22.8 billion, representing 70 per cent of its capital allocation for the previous year.
“We cannot exceed that limit,” he said, noting that payments for completed capital projects remain outstanding, forcing contractors to abandon several sites.
The EFCC chairman disclosed that the funding challenges have already been formally reported to the Accountant-General of the Federation.
Beyond capital funding, Olukoyede also appealed for a review of the commission’s overhead costs, stressing that rising operational expenses require increased support to keep the agency functional.
He urged the Senate to deepen collaboration with the EFCC, describing legislative backing as critical to the country’s anti-corruption drive.
“We are asking for stronger partnership with the National Assembly as we collectively pursue the goal of a corruption-free Nigeria,” he said.