The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has raised concerns over inadequate funding, warning that it could impede the agency’s ability to carry out its mandate effectively.
Olukoyede made the remarks on Tuesday before plenary when he appeared before the Senate Committee on Anti-Corruption and Financial Crimes, chaired by Senator Emmanuel Udende, to present the EFCC’s 2025 expenditure performance and its budget proposals for 2026.
According to the EFCC chairman, only 50 per cent of the commission’s capital allocation has been released, affecting critical operations. Contractors handling EFCC projects remain unpaid, while license providers essential to investigative work have not been serviced.
“We are concerned because contractors and license providers have not been paid. These licenses are critical to our operations, and without them, our work will be severely hampered this year,” Olukoyede said.
He revealed that the EFCC received an approved appropriation of N92.22 billion for the 2025 fiscal year, of which 74 per cent had been released by December 31, 2025. He noted that the Federal Government’s envelope budgeting system restricts agencies to predetermined spending limits, further limiting the commission’s capacity.
For 2026, the EFCC has proposed a capital expenditure of N22.8 billion, representing 70 per cent of last year’s allocation. Olukoyede highlighted that outstanding payments for previous projects have led to the abandonment of several critical initiatives. The issue has been formally reported to the Accountant-General of the Federation.
The EFCC chairman also appealed for an upward review of the commission’s overhead costs, urging the Senate to strengthen its partnership with the agency in the collective effort to build a corruption-free Nigeria.
