EFCC to begin tracking disbursements to MDAs through new approach – Olukoyede

The Economic and Financial Crimes Commission (EFCC) can now access the Integrated Personnel and Payroll Information System (IPPIS) to monitor government disbursements to Ministries, Departments and Agencies in the country, the anti-graft agency’s chair’ Ola Olukoyede, has said.

“This access will enable the EFCC in tracking all disbursements and ensure proper utilisation,” Mr Olukoyede said on Monday, during an oversight visit by the Senate Committee on Anti-Corruption and Financial Crimes to the commission’s headquarters.

“We now have a relationship with the Accountant General’s Office through which we’ll monitor disbursements to prevent the funds from being stolen,” the EFCC boss told the Senate committee.

Mr Olukoyede also hinted to the lawmakers that the EFCC would monitor lawmakers’ constituency projects.

“There will be no problem. We will monitor the allocation, and I believe you will also help us champion this cause,” he said.

He also revealed that the EFCC is working on acquiring a software to monitor and investigate cryptocurrency and other virtual currency trading in the country, noting that Nigeria has lost billions of dollars to unlicensed cryptocurrency trading platforms.

“We are in discussions with the SEC and the CBN. We have developed regulations, and we need to prepare to monitor tax payments. The revenue that should come to the government, if we do our job properly, will not be less than $5 billion annually from trading in some of these crypto or virtual currencies.

“We can’t achieve that without the software. Some of these traders do not have offices in Nigeria, and we don’t even understand what is going on. So we need the software to monitor every penny traded,” he said.

‘EFCC will get increased budgetary allocation’

Speaking to journalists after the session, the chairman of the legislative committee, Senator Udende Emmanuel, said the EFCC deserved increased budgetary allocation in order to effectively carry out its duties.

“When the EFCC chairman is telling you that he needs a software valued at about N3.4 billion that will tackle virtual and fraudulent cryptocurrency trading, then, you will understand why they need more funding. What we will do is to increase their funding through budgetary allocation,” Mr Udende stated.

He also added that the EFCC deserved a percentage of its recoveries to assist its operations just like the Nigerian Customs Service (NCS) get a certain percentage of its seizures too.

Earlier, Mr Olukoyede told the Senate committee that one of the agency’s greatest challenges was adequate funding as the EFCC would be needing about a 300 per cent increment of its 2024 budget to carry out its duties effectively.

Meanwhile, while citing the EFCC’s first investigation into military expenditure during the arms procurement scandal that rocked the Nigerian military, Olukoyede noted that some of the insecurity issues the country faces today have been linked to corruption in the area of MDAs expenditure.

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“One of the critical issues contributing to our current problems is corruption. Some of the money allocated to certain infrastructure projects has been diverted, or, upon its application, we don’t get value,” he said.

Regarding the endemic corruption in the extractive industry, Olukoyede said the EFCC had made arrests and would soon charge the suspects in court.

IPPIS

In 2019, former President Muhammadu Buhari-led government mandated all federal government workers to be registered on the IPPIS by 31 October of the same year.

Mr Buhari made the disclosure during the presentation of the 2020 budget proposal to the joint session of the National Assembly.

He said the move was part of the federal government’s efforts aimed at managing personnel costs in line with its fight against corruption.

According to him, all agencies of government must obtain permission and follow due process as they embark on any recruitment exercise.

The Office of the Accountant General of the Federation, which is responsible for overseeing the management of the IPPIS and other federal financial initiatives, had also revealed that it has implemented an ICT Security Policy aimed at safeguarding its digital assets.

The office said the policy aligns with global best practices in cybersecurity, ensuring the continuous protection of sensitive data within government systems.