In a startling revelation, the Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has shed light on the alarming scale of corruption plaguing Nigeria. Expressing his astonishment at the magnitude of stolen funds, Olukoyede questioned how the country continues to function amidst such rampant theft. If Nigerians were to witness the contents of certain case files, he claims, they would be moved to tears.

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During a meeting with the management team of the Revenue Mobilisation Allocation and Fiscal Commission, Olukoyede expressed his disbelief at the audacity of corrupt individuals who swiftly move unspent budget allocations into private accounts before the stroke of midnight, at the end of each fiscal year. This revelation raises serious concerns about the state of Nigeria’s governance and the spirit driving its citizens.

The EFCC chairman emphasized that public corruption is the primary cause of this pervasive issue. He argued that if public corruption were eradicated, Nigeria would undoubtedly fare better than many countries around the world. Olukoyede firmly believes that those who hold public office or positions of trust must be held accountable for their actions. He deems it completely unacceptable when individuals refuse to provide an account of their tenure despite being called upon to do so.

Transparency and accountability are the cornerstones of development in any nation, Olukoyede stressed. He firmly believes that embedding these principles within both the public and private sectors is essential for Nigeria’s optimal progress. The chairman expressed his optimism that the preventive measures implemented by the EFCC would help the commission stay one step ahead of corrupt individuals, ensuring that Nigerians experience good governance.

To solidify their efforts, the EFCC has established a Department of Fraud Risk and Assessment and Control, highlighting their commitment to tackling corruption at its roots. Olukoyede emphasized the need to critically assess Nigeria’s system of revenue generation, which currently allows for leakages in the mobilization and appropriation of funds. By addressing these vulnerabilities, the EFCC aims to put an end to the futile pursuit of shadows. The chairman proposes that a policy review should be conducted to block these financial leakages, ultimately leading to the successful execution of 50 percent of capital projects in Nigeria, an achievement that would greatly benefit the nation.

Mohammed Shehu, the Chairman of the Revenue Mobilisation Allocation and Fiscal Commission, lauded the longstanding collaboration between his commission and the EFCC. He further emphasized the urgent need for expanded collaboration between the two agencies, particularly in the recovery of unremitted or lost government revenues. Shehu called on the EFCC to not only focus on enforcement but also to actively engage in intelligence gathering and data sharing related to government revenue from all sources. Additionally, he sought the EFCC’s assistance in enhancing his commission’s staff capacity for effective revenue monitoring.

The EFCC’s determination to combat corruption and ensure good governance experiences for Nigerians is commendable. It is imperative for the country’s leaders and citizens to rally together, fostering a culture of transparency, accountability, and zero tolerance for corruption. Only through collective efforts can Nigeria eradicate this deep-rooted issue and pave the way for a prosperous and equitable future.