By Abubakar Yunusa
Ola Olukoyede, Chairman of the Economic and Financial Crimes Commission (EFCC), has expressed his bewilderment at the staggering levels of corruption in Nigeria.
Speaking during a meeting with the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) led by Chairman Mohammed Shehu, Olukoyede revealed his shock at the vast sums stolen, questioning how the nation continues to function.
“When I look at some case files and see the humongous amount of money stolen, I wonder how we are still surviving,” Olukoyede stated. “If you see some case files, you will weep.”
He emphasized that public corruption is the primary driver of the nation’s woes. “The way they move unspent budget allocations to private accounts before midnight at the end of a budget cycle is alarming,” he added.
Olukoyede underscored the need for transparency and accountability in both public and private sectors to foster national development. He assured that the EFCC’s preventive measures would outpace corrupt practices, promising better governance for Nigerians.
“The preventive framework for tackling corruption offers more prospects for results and impact,” he said.
“The EFCC now has a Department of Fraud Risk and Assessment and Control to address systemic issues.”
Addressing revenue leaks, he pointed out, “Our revenue generation system allows for leakages. We need to focus on these systems to avoid chasing shadows. If we can block these leaks and achieve 50% capital project execution, the country would be fine.”
Olukoyede urged the RMAFC to support President Bola Tinubu’s efforts to reposition the country. “The President relies on all of us in positions of trust and responsibility for success,” he stressed.
RMAFC Chairman Shehu praised the EFCC’s collaboration and called for more joint efforts in recovering lost revenues. “Our collaboration is crucial in addressing unremitted revenue challenges. We need more enforcement, intelligence gathering, and data sharing,” Shehu noted. He also requested EFCC’s assistance in enhancing the capacity of RMAFC staff on revenue monitoring.
Olukoyede reiterated that systemic corruption remains a significant challenge, but with improved systems and continuous preventive measures, Nigeria could see substantial progress.