According to Punch, The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has lamented the alarming rate of corruption in Nigeria, questioning how the country still manages to survive despite the massive looting of its resources. Olukoyede expressed his dismay while receiving the management team of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) led by its Chairman, Mohammed Shehu.
According to Olukoyede, public corruption is the biggest challenge facing Nigeria, and if left unchecked, it could spell doom for the country. He emphasized the need for transparency and accountability in both the public and private sectors to ensure optimal development. The EFCC chairman also announced the establishment of a Department of Fraud Risk and Assessment and Control to prevent corruption.
Olukoyede stressed that corruption poses a significant challenge to Nigeria, but he remains optimistic that the prevention mechanisms put in place by the EFCC will ensure that the commission stays ahead of corrupt elements. He called for a policy review to block revenue leakages, stating that if the country can achieve 50% capital project execution, it would be a significant step forward.
The RMAFC chairman, Mohammed Shehu, praised the collaboration between the two agencies and sought increased cooperation in recovering unremitted revenues and capacity building for revenue monitoring. He emphasized the importance of collaboration in addressing the challenges of unremitted revenue to the Federation Account.