The EFCC boss said this while receiving members of the House of Representatives Committee on Financial Crimes during an oversight visit to the commission’s headquarters in Abuja on Tuesday.
Olukoyede, who expressed concern that financial crimes and corruption undermined the nation’s development, adding that dubious practice was a major cause of frequent equipment failures, outages and grid collapses.
According to him, one of the problems of this country in the last 15 years to 20 years is that budget performance is always below 20 per cent.
He said that some of the electricity companies bought substandard goods to run the electricity, and this has been responsible for the frequent collapses of the national grid.
He lamented poor implementation and execution of capital projects in the country, saying that Nigeria can not achieve infrastructural or any form of growth under such conditions.
“Investigations carried out by the EFCC showed that contractors in the power sector, who were awarded projects to supply electrical equipment, often opted for substandard materials.
“As I am talking to you now, we are grappling with electricity. If you see some of the investigations we are carrying out within the power sector, you will shed tears,” he said.
He also said that the commission discovered that in the last 20 years, capital project implementation and execution in the country were not up to 20 per cent.
“If we do not do that, how do you want to have infrastructural development? How do you want to grow as a nation?
“Our mandate this year is to work with the National Assembly to see if we can meet up to 50 per cent of our execution of our capital project for the year.
“If we do 50 per cent, we will be fine as a nation. Lack of implementation of this capital budget is one of our major problems in Nigeria,” he said.
The EFCC boss called for collective efforts and partnership with all stakeholders to win the battle against corruption in the country.
He emphasised the need for effective collaboration between the lawmakers and the commission in achieving the commission’s mandate of fighting corruption.
According to him, both the committee members and the EFCC are mandated to tackle the menace of financial crimes and corruption, with the goal of advancing the country.
“The mandate before you, which is also before us, if managed effectively and efficiently, will be remembered by Nigerians in the long term.
“This is one of the major challenges undermining our development in Nigeria. Tackling financial crimes and corruption effectively is a responsibility before you as well as the EFCC.
“It is therefore appropriate for us to work together,” Olukoyede said.
Earlier, the chairman of the committee, Hon. Ginger Onwusibe, lauded the achievement of the agency.
Onwusibe said that the committee was at the commission as part of its oversight functions, aimed at monitoring the performance of ministries, departments, and agencies.
He expressed the committee’s readiness to assist the EFCC through legislation and budget allocations.
He urged the commission to enhance its operational skills, ensure accountability, address challenges, and work closely with other agencies, donors, and development partners.(NAN)
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