RateCaptain
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
Subscribe
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
RateCaptain
No Result
View All Result
Home News

Magu decries incomplete budget releases to EFCC, defends N22.071bn budget

Rate Captain by Rate Captain
March 23, 2019
in News
Reading Time: 5 mins read
A A
0
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

The Acting Chairman of the Economic and Financial Crimes Commission, EFCC, Ibrahim Magu, on Tuesday lamented the incomplete budget releases to the Commission, which he said affects its responsibilities.

 

AlsoRead

How I Lost N200 Billion”: Femi Otedola Reflects on His Biggest Financial Setback

EFCC Arraigns Precious Williams for Alleged N13.8 Billion Ponzi Scheme Fraud

Kenya to Relocate Health Data from U.S. Servers After Trump’s USAID Funding Cuts

According to a statement issued on Tuesday by the Acting Spokesman of the Commission, Tony Orilade, the EFCC boss made this known on Tuesday, during a defence of its N22, 070,514,431.00, (Twenty Two Billion, Seventy Million, Five Hundred and Fourteen Thousand, Four Hundred and Thirty One Naira) 2019 budget proposal before the Senate Committee on Anti-corruption and Financial Crimes.

The figure represents a 16.38% decrease from the 2018 budget of N26, 392,396,279.00, (Twenty Six Billion, Three Hundred and Ninety Two Million, Three Hundred and Ninety Six Thousand, Two Hundred and Seventy Nine Naira).

The 2019 fiscal year, sees a 14% increase in the Personnel Cost proposal from 12.717 billion in 2018 to 14.491billion in 2019. The increase according to the Acting Chairman of the Commission, Ibrahim Magu, “accommodates the salaries and allowances of 970 additional staff approved for recruitment, who are expected to be fully enrolled on the personnel cost platform in 2019.” This, he further reveals, “comprises 332 Assistant Detective Superintendents, 293 Assistant Detective Inspectors currently undergoing training at NDA Kaduna and 95 support staff that recently joined the services of the Commission.”

The Commission, he said “has also made proposal for an upward review of salaries and allowances of its staff to Salaries, Income and Wages Commission. This has been forwarded to the Presidency and, if approved, will be covered by Supplementary Appropriation.”

The Commission’s overhead cost which the Budget Office reduced from N7.3billion to N3.6billion was considered grossly inadequate by the Commission in view of the running cost of three new zonal offices, proposed group staff life insurance of N650m, huge outlays on generator fuel cost, increase in airfares, proposed 60% increase in the rates of duty tour allowance (DTA) payable to staff on official assignment.

Same for capital expenditure proposal, which was drastically reduced from N15.196billion to N3.978billion, represents a 74.82% reduction from the approved estimate of N10.07billion in 2018,the statement said.

Magu considered the capital budget approval inadequate in view of the Commission’s N2.02billion outstanding liabilities to Julius Berger, N1.5billion cost runs on its new head office complex, N0.299billion liabilities for consultancy on new head office, N0.47billion for purchase of security equipment (ammunition), N1.1billion, on furnishing of new head office building, development of the permanent site of the EFCC Academy, Lafia; renovation of the old EFCC head office building, Wuse 2, Abuja, and the renovation of the Lagos Zonal Offices (10 Okotie Eboh and 15 Awolowo Road.

Though N14.571billion, (Fourteen Billion, Five Hundred and Seventy One Million), which is a little over half of the 2018 budget approval was released to the Commission, Magu enumerated the highpoints of his Commission’s last year budget performance to include: increase in the personnel cost of the Commission from N7.6billion in 2017 to N8.5 billion, which were the consequences of the full enrolment of 314 Assistant Detective Superintendents and same for 183 Assistant Detective Inspectors following the completion of their training programme in May and January 2018, respectively; completion of the Commission’s Jabi District, new head office complex and relocation; the establishment of three new zonal offices in Makurdi, Sokoto and Ilorin,the statement added.

Others are the hosting of Heads of Anti-corruption Agencies in Commonwealth Africa (HACA) in Abuja in May, last year; anti-corruption concerts hosted in Abuja, Kano, Lagos and Enugu as well as the first ever anti-corruption marathon that featured hundreds of marathoners from across the country, civil society organizations, and sports celebrities; acquisition of hectares of land in Nasarawa State for the construction of the permanent site of the EFCC Academy, of which development is expected to commence this year. Also, is the furnishing of the Commission’s Forensic Laboratory, located in the Commission’s Head Office Complex with state-of-the-art equipment.

Magu disclosed that in the course of the 2018 financial year, the EFCC obtained 315 convictions, and has within the first three months of this year, obtained 160 convictions.

In the area of recoveries, bhe noted that N11.5billion was recorded in final forfeiture, N133.8billion in non forfeiture recoveries, N8.92billion in direct deposits, N38.12billion in tax recoveries, N1.82billion in Subsidy Recoveries, and N42billion from Banks (Third Party), totalling N236billion.

These according to Magu “are in addition to recoveries of various sums in other currencies, other assets, jewelries (gold) and recoveries for major government agencies including NNPC and AMCON.

In the first quarter the 2019 Financial Year, the Commission according to Magu, made recoveries which included: N140.7million in cash, N2.021billion in direct deposits, N7.20billion in tax recoveries, N3.06billion in subsidy recoveries and -$0.292billion.

Magu lamented that incomplete releases of both approved overhead and capital estimates, have in no small measure, negatively impacted the ability of the Commission to meet its pressing needs and obligations.

The EFCC chairman also decried that only 54.17% was released in 2018 while 40.06% of capital has been released so far with only two and half months to go to the end of extended 2018 capital budget year.

According to him, the Commission is challenged in the following areas: huge maintenance cost of new head office building, inadequate resources to manage a huge and growing fixed asset forfeiture base, inadequate ICT infrastructure.

Magu noted that “there is presently the complete absence of internet services at the New Head Office and zonal offices, including other related ICT service deliveries. The Commission requires a minimum of N800m to upgrade its present state of ICT infrastructure.” Others challenges according to him are: poor detention facilities particularly in the zones, inadequate office equipment e.g. absence of health and fitness facilities in the head office and zones and equipments for clinics; inadequate office accommodation in the zones.

The Commission’s zonal offices in Ilorin, Makurdi, Uyo and Benin, according to him are rented. There is also the pressing challenge of inadequate operational vehicles in the head office and across the zonal offices, and lack of office furniture in the new head office building and across the zonal offices.

In his response, the Chairman, Senate Committee on Anti-corruption and Financial Crimes, Senator Chukwukwa Godfrey Utazi who led other committee members, Senator Mohammed Sabo and Senator Matthew A. Urhoghide described the 2018 budget performance of the Commission as “a huge success.”

In his words, “the committee will support every incentive of the anti-graft agency in terms of insurance cover, housing scheme, upward review of salaries for staff and that a certain percentage of funds recovered should be allocated to staff for better welfare. It is sacrosanct to ensure the insurance cover for such a multi-million naira edifice as the EFCC Headquarters in view of the fire incident that happened in the EFCC, Wuse 2, Abuja office last year.”

Tags: Business Day
Previous Post

Nigeria produces 55.85 million tons of solid minerals –NBS

Next Post

Uber Buys Mideast Rival Careem in $3.1 Billion Cash, Stock Deal

Related News

Otedola acquires 5.52% of Transcorp Plc.

How I Lost N200 Billion”: Femi Otedola Reflects on His Biggest Financial Setback

by Rate Captain
August 22, 2025
0

In a rare moment of vulnerability, billionaire businessman Femi Otedola has shared the story of how he lost nearly N200...

EFCC Launches Task Force to Combat Naira Mutilation and Dollarization

EFCC Arraigns Precious Williams for Alleged N13.8 Billion Ponzi Scheme Fraud

by Victoria Attah
June 17, 2025
0

The Economic and Financial Crimes Commission (EFCC) has charged Precious Williams, a director of Glossolalia Nigeria Ltd and Pelegend Nigeria...

Kenya to Relocate Health Data from U.S. Servers After Trump’s USAID Funding Cuts

by Victoria Attah
June 4, 2025
0

Kenya’s Ministry of Health announced plans to relocate critical health data hosted in the United States to local servers, following...

Leading Banks Struggle with Capital Deficits: Zenith Bank and Others Strive to Meet CBN Standards

Nigeria’s Equities Market Reels as Foreign Investment Plummets Amid Global Tensions

by Rate Captain
May 26, 2025
0

In April 2025, Nigeria’s equities market faced a stark reality check as foreign portfolio investment (FPI) cratered by 92.39%, plunging...

Next Post

Uber Buys Mideast Rival Careem in $3.1 Billion Cash, Stock Deal

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

$26 Billion for unidentified source passed through Binance-Cardoso

CBN Auctions N1.15 Trillion in Treasury Bills as Investors Eye Higher Yields

January 22, 2026
CBN Allows Oil Companies to Resume Dollar Sales to Banks in Effort to Boost Supply.

Five MPC Members Pushed for 50bps Rate Cut in November 2025, CBN Minutes Reveal

January 22, 2026

Popular Story

  • Grab opportunities in Africa, AfDB urges investors

    0 shares
    Share 0 Tweet 0
  • CBN Confirms 20 Banks Meet New Recapitalisation Requirements as March Deadline Looms

    0 shares
    Share 0 Tweet 0
  • Debt Servicing and Salaries Dominate Nigeria’s 2025 Budget with N24.8 Trillion Allocation

    0 shares
    Share 0 Tweet 0
  • CBN Survey Shows Improved Credit Access in Q4 2025 Amid Rising Loan Defaults

    0 shares
    Share 0 Tweet 0
  • New AI Undressing Tool Raises Concerns About Privacy and Regulation.

    0 shares
    Share 0 Tweet 0
RateCaptain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Disclaimer
  • Cookie Policy
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

RateCaptain
Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
  • Manage options
  • Manage services
  • Manage {vendor_count} vendors
  • Read more about these purposes
View preferences
  • {title}
  • {title}
  • {title}
?>