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The Economic and Financial Crimes Commission (EFCC) has presented an estimate of N41,120,071,521.75 (Forty One Billion, One Hundred and Twenty Million, Seventy One Thousand, Five Hundred and Twenty One Naira, Seventy Five Kobo) as its budget for the year 2023 to the House of Representatives Committee on Financial Crimes.
A breakdown of the estimate shows the sum of N36,834,903,804.75 (Thirty Six billion, Eight Hundred and Thirty Four million, Nine Hundred and Three Thousand, Eight Hundred and Four Naira, Seventy Five Kobo) only as Personnel cost; while the sum of N3,835,460,631.00 (Three Billion, Eight Hundred and Thirty Five Million, Four Hundred and Sixty Thousand, Six Hundred and Thirty One Naira) is for overhead, and N530,707,086.00 (Five Hundred and Thirty Million, Seven Hundred and Seven Thousand, Eighty Six Naira) earmarked as Capital vote.
Presenting the budget before the Committee, the Executive Chairman of the Commission, Abdulrasheed Bawa, gave an overview of the performance of the Commission’s 2022 budget, explaining that only 53% of the appropriation had been released as at August 31, 2022, with the budget performance put at 83.35% of the total releases.
The total budget of the commission for 2022 is N43,696,381,562.46 (Forty Three Billion, Six Hundred and Ninety-Six Million, Three Hundred and Eighty-one Thousand, Five Hundred and Sixty-two Naira, Forty-six Kobo), which is slightly higher than the projected budget for 2023.
Members of the Hon. Ibrahim Abdullahi Dutse-led Committee expressed concern at the decline at a time when the responsibilities of the Commission are on the increase.
Speaking earlier, the Chairman of the Committee, Hon Dutse commended the achievements which the EFCC has recorded under the leadership of Bawa.