The Economic and Financial Crimes Commission (EFCC) has started monitoring funds allocated to local governments across Nigeria to ensure proper utilisation, its chairman, Ola Olukoyede, has revealed.
Speaking during a courtesy visit by the National Christian Youth Professionals (NCYP) at the EFCC headquarters, Mr Olukoyede said the commission was already tracking financial transactions at the local government level.
“We have a department called Fraud Risk Assessment and Control that is closely monitoring and tracking payments, contracts, and other releases to ensure that funds are expended on what they are meant for,” he said.
His remarks were in response to the NCYP’s calls for stricter oversight following the financial autonomy recently granted to local governments.
Isaac Abrak, leader of the NCYP delegation, expressed concern over the slow pace of development at the grassroots level, stating that effective financial management was crucial for progress.
“We come from the grassroots, and we understand the realities in our local government areas. We appreciate the President for granting local government autonomy.
„If local governments can achieve even 40% of their responsibilities, we will see significant progress,” he said.
Abrak also commended Mr Olukoyede for his leadership, describing his performance as a reflection of his Christian faith.
„We are proud of you. You have represented our faith with excellence,“ he added.
The youth leader also raised concerns over the growing involvement of young people in internet fraud, particularly in northern Nigeria.
„Cybercrime is spreading into the North, and we want the EFCC to intensify its operations in this region,“ he urged.