Ola Olukoyede, the Chairman of the Economic and Financial Crimes Commission (EFCC), has voiced grave concerns about the extent of corruption in Nigeria, questioning how the nation continues to survive given the massive theft by corrupt individuals. He made these comments while meeting with the Revenue Mobilisation Allocation and Fiscal Commission, led by Chairman Mohammed Shehu, as reported by PUNCH.
Olukoyede lamented that the scale of financial misconduct he encounters in case files is so severe that it leads him to question the country's ongoing stability. He suggested that if the public were aware of the details in these files, they would be deeply troubled by how funds are illicitly redirected to private accounts just before budget deadlines.
“When I look at some case files and see the humongous amount of money stolen, I wonder how we are still surviving. If you see some case files, you will weep. The way they move unspent budget allocation to private accounts in commercial banks before midnight at the end of a budget circle, you will wonder what kind of spirit drives us as Nigerians,” Olukoyede was quoted as saying.
He identified public sector corruption as a major driver of financial mismanagement in Nigeria. Olukoyede argued that if public corruption were addressed effectively, Nigeria would significantly improve its performance compared to other nations. He criticized the practice of public officials refusing to account for their actions, calling it unacceptable.
Emphasizing the need for transparency and accountability in both public and private sectors, Olukoyede expressed optimism about the EFCC's preventative strategies. He highlighted the newly established Department of Fraud Risk and Assessment and Control as part of the commission’s approach to combat corruption.
Olukoyede also pointed out the need for a thorough review of Nigeria's revenue generation system to prevent financial leakages. He noted that focusing on policy reforms and improving the execution of capital projects could greatly enhance the country’s governance and reduce corruption.