The House of Representatives has reaffirmed its commitment to strengthening institutions responsible for combating financial crimes in Nigeria as part of efforts to improve transparency, economic stability, and the country’s global reputation.
Chairman of the House Committee on Financial Crimes, Ginger Onwusibe, made this known during a budget defence session with the Economic and Financial Crimes Commission (EFCC) and the Nigeria Financial Intelligence Unit (NFIU).
Onwusibe said the 2026 national budget prioritises infrastructure development and food security, with key goals including macroeconomic stability, job creation, improved business environment, and human capital development.
He stressed that achieving these objectives depends on timely budget implementation, increased oil production, and improved non-oil revenue generation.
Acknowledging the economic challenges facing Nigerians, he called for coordinated efforts to stimulate economic growth, create employment opportunities, and improve living standards.
He also noted that Nigeria’s economy is showing signs of gradual recovery, with the International Monetary Fund projecting a 4.4 percent growth rate in 2026, driven by structural reforms, improved macroeconomic stability, and increased domestic demand.
Onwusibe emphasised the critical role of the EFCC and NFIU in combating corruption, recovering stolen assets, and strengthening financial security.
He revealed that the House is currently considering four key bills aimed at strengthening Nigeria’s legal and institutional framework against financial crimes. These include proposed legislation to establish and amend the EFCC Act, amend the Money Laundering (Prevention and Prohibition) Act, and amend the Proceeds of Crime Act.
According to him, the bills are designed to modernise existing laws, improve enforcement mechanisms, close operational gaps, and ensure greater accountability.
He also commended the EFCC and NFIU for their efforts, noting that Nigeria was recently removed from the Financial Action Task Force (FATF) grey list, a development expected to boost investor confidence, improve access to international financing, and strengthen the country’s financial system.
Onwusibe disclosed that as of October 2025, the EFCC had recovered over ₦566 billion, $411 million, and 1,502 properties, and secured 3,175 convictions, demonstrating the agency’s effectiveness in tackling financial crimes.
He added that the committee would ensure proper scrutiny of the agencies’ budgets to support key areas such as investigation and prosecution, asset recovery, international cooperation, and tackling emerging threats including cybercrime and virtual asset-related offences.
The lawmaker assured that the House remains committed to providing the necessary legislative support and resources to enable anti-financial crime agencies to perform their duties effectively while maintaining professionalism, transparency, and accountability.
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