The House of Representatives has recommitted to making legislative interventions that are effective and impactful to Nigeria’s economic growth.
The Chairman of the House Committee on Financial Crimes, Mr Ginger Onwusibe, gave the assurance at the Committee’s 2025 Budget Appraisal and 2026 Budget Defence meeting with the EFCC and the Nigerian Financial Intelligence Unit (NFIU).
He said that the EFCC and NFIU play vital roles in combating financial crimes, which are a significant drain on our economy.
The Chairman said that the 2026 budget prioritises infrastructure and food security, with key objectives including macroeconomic stability, improved business environment, job creation, and human capital development.
“As we gather today, Nigeria faces numerous challenges, and our economy is at a critical juncture. Nigerians are grappling with hardship, and there’s a pressing need for effective solutions to stimulate growth, create jobs, and improve living standards.
“However, as patriots, we must summon our patriotic zeal, as hopes are not lost, since Nigeria’s economy is showing signs of cautious optimism, transitioning from post-reform stabilisation to modest recovery. The International Monetary Fund (IMF) projects 4.4% growth in 2026, driven by improved macroeconomic stability, structural reforms, and a rebound in domestic demand,” Mr. Onwusibe said.
Targeted Legislative Intervention
Mr. Onwusibe said the 10th House of Representatives, under the leadership of Mr Tajudeen Abbas, remained committed to strengthening Nigeria’s legal and institutional framework against financial crimes through targeted legislative interventions.
He commended the EFCC and NFIU’s tireless efforts, with Nigeria recently being delisted from the Financial Action Task Force (FATF) grey list.
“This achievement underscores the government’s commitment to combating financial crimes and strengthening our anti-money laundering/combating financing of terrorism (AML/CFT) framework.
Let’s work together to build a stronger, more transparent, and accountable Nigeria in a manner that ensures Nigeria’s financial system is secure and resilient against financial crimes, ” the chairman stated.
Funding Constraints
The Economic and Financial Crimes Commission (EFCC) in its presentation says it has recorded notable achievements in asset recovery and convictions but continues to face funding constraints and rising operational costs driven by increasingly sophisticated financial crimes.
The Chairman of the EFCC, Mr. Ola Olukoyede, said that collaboration with the National Assembly over the past two years has strengthened the commission’s performance.
He said that the EFCC had laid its 2024 annual report and would submit its 2025 report by September.
“Our challenges, as it is applicable to most agencies, my challenge is money, money, money,” Mr. Olukayode said.
He said that the agency has acquired an item in its forensic laboratory for four billion naira to meet up with the high-tech activities of fraudsters.
Mr. Olukoyede explained that the shift toward technology-driven fraud had compelled the commission to invest heavily in forensic and digital tools, significantly increasing operational expenses.
On her part, the Director and Chief Executive Officer of the Nigerian Financial Intelligence Unit (NFIU), Mrs. Hafsat Bakare, also briefed the committee.
Coordinated National Efforts
She highlighted Nigeria’s exit from the Financial Action Task Force grey list and removal from the European Union’s high-risk third-country list, outcomes attributed to coordinated national efforts involving the EFCC and other agencies.
“This milestone and achievements coordinated by the NFIU, working with close partners like the EFCC, and other Stakeholders have earned Nigeria a seat at the Financial Action Task Force, under its scares jurisdiction initiative.
“Enabling us to participate in AFTF Plenary and working group meetings and contribute to global anti-money laundering and counter-financing of terrorism standard setting.”
Mrs Bakare added that the national effort could not have been effectively coordinated without the passing of effective laws, continuous support and sterling leadership provided by the esteemed committee.