The House of Representatives has reaffirmed its commitment to strengthening institutions responsible for combating financial crimes in Nigeria, pledging legislative and institutional support to enhance their effectiveness.
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 stated that the 2026 budget prioritises infrastructure development and food security, with key objectives including macroeconomic stability, improved business environment, job creation, and human capital development.
He stressed that effective implementation of the budget would depend on timely execution, increased oil production, and growth in non-oil revenues.
The lawmaker acknowledged the economic challenges facing Nigerians and emphasised the need for practical measures to stimulate economic growth, create employment opportunities, and improve living standards.
He 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 improved macroeconomic stability, structural reforms, and increased domestic demand.
Onwusibe highlighted the critical role of the EFCC and NFIU in tackling corruption, recovering stolen assets, and strengthening financial security, describing financial crimes as a major drain on the nation’s economy.
He revealed that the House is currently considering four key bills aimed at strengthening Nigeria’s anti-corruption and financial crime framework. 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 proposed laws are designed to modernise existing legal frameworks, improve enforcement mechanisms, close operational gaps, and enhance accountability.
He also commended the EFCC and NFIU for their efforts, noting that Nigeria’s recent removal from the Financial Action Task Force grey list would boost investor confidence, improve access to international financing, and enhance the country’s global reputation.
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 its effectiveness in tackling financial crimes.
He added that the House would ensure proper scrutiny of the agencies’ budgets to support key areas such as strengthening investigative and prosecutorial capacity, enhancing international cooperation, improving asset recovery, and addressing emerging threats including cybercrime and virtual asset-related offences.
The House assured that it would continue to provide the necessary legislative backing and resources to enable anti-financial crime agencies to carry out their responsibilities effectively while maintaining professionalism, transparency, and accountability.
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