The Economic and Financial Crimes Commission (EFCC) has recovered N288.1 billion in federal and state tax revenue since 2023, according to Chairman Ola Olukoyede. The recovery comprises N173.2 billion in federal tax revenue and N114.9 billion attributed to states' internal revenue services, through enforcement of existing obligations. This development has received commendation from stakeholders, but also raised concerns about the agency's focus on its core mandates.
The EFCC's report indicates that the institution made significant recoveries, including N1.233 trillion between October 2023 and June 2026, alongside $684.48 million, £373,905.78 and €9.34 million. The report also shows that 234 unlicensed bureaux de change (BDCs) were fished out and 73 convictions secured since 2023. Furthermore, the EFCC reported progress in enforcing regulations in the foreign exchange market.
Of the naira recoveries, N397.26 billion or 33 per cent was recovered directly for the Federal Government, while N836.34 billion or 67 per cent was recovered on behalf of Federal Government Ministries, Departments and Agencies (MDAs), state revenue services, companies, individuals and foreign victims. The EFCC also released N661.32 billion and $492.37 million to beneficiaries during the period.
Despite the impressive report, concerns have been raised about the credibility of the figures and the agency's focus on its core mandates. The EFCC's mission is three-pronged, namely prevention, enforcement and coordination. However, the report appears to focus primarily on recoveries, which is only a narrow part of its core mandates. Critics argue that the agency needs to focus on prevention and coordination to fulfil its vision of making Nigeria a country free of economic and financial crimes.
One of the under-reported areas is that of prevention, which requires the EFCC to collaborate with other arms of government and the public. Many people engage in crime because society does not support them to earn a living legitimately. Creating a just and equitable society, providing public awareness, and ensuring that hard work is rewarded are all forms of crime prevention that the EFCC should prioritize.
The EFCC also needs to address public perception that it is a witch-hunting agent of government, playing to the gallery and embarking on selective justice. The freezing of the accounts of the Osun State Government prior to the mid-season gubernatorial election is a case in point. The agency needs to reorganize itself, focus on its core mandates, and work to erase the perception that it is being used by the ruling party to silence its enemies.
Ultimately, the EFCC's report may be commendable, but the agency needs to put its house in order and prioritize its core mandates. By doing so, it can enhance the entrenchment of financial sanity in Nigeria and make the country a better place for all. The EFCC's efforts to recover looted funds and enforce regulations are crucial, but it must also focus on prevention, coordination, and public perception to achieve its vision.
Key points
- The EFCC has recovered N288.1 billion in federal and state tax revenue since 2023.
- The agency's report indicates that 234 unlicensed bureaux de change (BDCs) were fished out and 73 convictions secured since 2023.
- Critics argue that the EFCC needs to focus on prevention and coordination to fulfil its vision of making Nigeria a country free of economic and financial crimes.
