Citizenship News
The House of Representatives has reaffirmed its resolve to strengthen Nigeria’s anti-corruption institutions, pledging more impactful legislative and budgetary support to boost the fight against financial crimes and enhance the country’s global standing.
The commitment was made on Monday by the Chairman of the House Committee on Financial Crimes, Hon. Ginger Onwusibe, during the 2026 budget defence session with the Economic and Financial Crimes Commission (EFCC) and the Nigeria Financial Intelligence Unit (NFIU).
Onwusibe explained that the 2026 budget places priority on infrastructure development and food security, with broader goals of macroeconomic stability, improved business climate, job creation and human capital development.
He said that effective implementation would depend on timely execution, increased oil production and sustained growth in non-oil revenues.
He acknowledged the economic hardship facing many Nigerians, noting the urgent need for policies that stimulate growth, create jobs and improve living standards.
“As patriots, we must summon our patriotic zeal. Hopes are not lost. Nigeria’s economy is showing signs of cautious optimism, moving from post-reform stabilisation to modest recovery.
The IMF projects a 4.4 per cent growth in 2026, driven by improved macroeconomic stability, structural reforms and a rebound in domestic demand,” he said.
Describing financial crimes as a major drain on the economy, Onwusibe underscored the critical roles of the EFCC and NFIU in asset recovery, corruption deterrence and financial system stability. He reiterated the House’s determination to enact robust, coherent and responsive laws to counter evolving criminal tactics.
He disclosed that four key bills are currently before the House to deepen transparency and align Nigeria with global best practices. These include bills to establish and amend the EFCC Act, amend the Money Laundering (Prevention and Prohibition) Act, 2022, and amend the Proceeds of Crime Act. According to him, the proposed laws aim to modernise existing frameworks, close operational gaps, strengthen enforcement and ensure that crime does not pay.
Onwusibe commended the EFCC and NFIU for Nigeria’s recent delisting from the Financial Action Task Force (FATF) grey list, describing it as a major milestone that reflects the country’s strengthened AML/CFT framework.
He said the development would boost investor confidence, improve access to international financing and enhance financial stability.
Highlighting performance figures, he disclosed that as of October 2025, the EFCC had recovered over ₦566 billion, $411 million and 1,502 properties, while securing 3,175 convictions. He also praised the NFIU for strengthening financial intelligence and information sharing.
“These achievements reflect the leadership of the EFCC Chairman, Mr. Ola Olukoyede, and the NFIU Director, Hajia Hafsat Abubakar Bakari, as well as the dedication of their teams,” Onwusibe said.
He assured that the Committee would thoroughly scrutinise the agencies’ 2026 budgets to ensure professionalism, transparency, accountability and optimal use of resources, with focus areas including investigative and prosecutorial capacity, international cooperation, asset recovery, internal capacity building and emerging threats such as cybercrime and virtual assets.
Onwusibe concluded by reaffirming the House’s full support for the EFCC and NFIU, stressing that their mandate remains central to Nigeria’s economic stability and national security.
Ends
