“I Wonder How Nigeria Survives Despite Huge Amount Of Money Stolen” – EFCC Chairman

Ola Olukoyede, Chairman of the Economic and Financial Crimes Commission (EFCC), has voiced his deep frustration with the rampant corruption plaguing Nigeria. During a meeting with the management team of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), led by Chairman Mohammed Shehu, Olukoyede expressed astonishment at the staggering amounts of money stolen from public coffers.

“When I look at some case files and see the humongous amount of money stolen, I wonder how we are still surviving. If you see some case files, you will weep,” Olukoyede remarked. He highlighted the practice of moving unspent budget allocations to private accounts before the end of the budget cycle, questioning the integrity of those in public office.

Olukoyede emphasized that public corruption remains the greatest challenge facing Nigeria. He called for increased transparency and accountability in both the public and private sectors to foster national development.

“The way they move unspent budget allocation to private accounts in commercial banks before midnight at the end of a budget circle, you will wonder what kind of spirit drives us as Nigerians. A situation where somebody would hold a public office or position of trust for years and you call him to account and he says No, he would not account, is not acceptable,” he stated.

The EFCC Chairman stressed the importance of preventive measures in combating corruption, revealing that the commission has established a Department of Fraud Risk and Assessment and Control. He advocated for policy reviews to address systemic flaws and reduce financial leakages, aiming for improved capital project execution in Nigeria.

Olukoyede also assured RMAFC of enhanced collaboration with the EFCC and urged continued support for President Bola Tinubu’s efforts to reposition the country. “The President relies on you and me and all the people he has put in a position of trust and responsibility for success,” he said.

RMAFC Chairman Shehu praised the existing partnership with the EFCC and highlighted the necessity of expanding their collaborative efforts, particularly in recovering unremitted or lost government revenues. Shehu called for increased cooperation in enforcement, intelligence gathering, and data sharing to improve revenue monitoring and recovery.

“It is important to bring to the fore that the collaboration between RMAFC and EFCC is crucial in addressing the challenges of unremitted revenue to the Federation Account. On this note, we are calling on EFCC for more collaboration, not only in the area of enforcement but also intelligence gathering and data sharing as regards government revenue from any source,” Shehu stated.

The meeting underscored the critical need for robust mechanisms to tackle corruption and enhance Nigeria’s governance and financial integrity.