The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has expressed concern about the level of corruption in Nigeria.

Olukoyede mentioned that he is amazed at how Nigeria is able to survive given the amount of stolen funds.

He made these comments while meeting with the management team of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) headed by Chairman Mohammed Shehu.

The EFCC chairman emphasized that public corruption is the primary driver of corruption in Nigeria, and addressing it would greatly improve the country situation.

He stressed the importance of transparency and accountability in both the public and private sectors for sustainable development.

Olukoyede revealed that corrupt individuals often transfer unspent budget allocations to private accounts in commercial banks before the end of a budget cycle.

He called for stronger measures to combat corruption, mentioning that the EFCC has established a Department of Fraud Risk and Assessment and Control.

Olukoyede also highlighted the need to review policies to prevent revenue losses and ensure efficient execution of capital projects.

He expressed confidence that the EFCC’s preventative measures would deter corrupt practices and promote good governance for all citizens.

The RMAFC Chairman Mohammed Shehu commended the collaboration between the two agencies and expressed interest in exploring additional areas, such as recovering unremitted or lost government revenues.