By Mercy Aikoye
The House of Representatives has reaffirmed its determination to strengthen institutions charged with combating financial crimes.
The Chairman of the House Committee on Financial Crimes, Hon. Ginger Onwusibe, made the pledge on Monday in Abuja during a 2026 budget defence session with the Economic and Financial Crimes Commission (EFCC) and the Nigeria Financial Intelligence Unit (NFIU).
Onwusibe explained that the 2026 budget prioritises infrastructure development and food security, with key objectives including macroeconomic stability, an improved business environment, job creation, and human capital development.
He stressed that effective execution of the budget is crucial and would require timely implementation, increased oil production, and sustained growth in non-oil revenues.
Nigeria is currently facing significant economic challenges, with many citizens grappling with hardship. Onwusibe noted that there is an urgent need for effective solutions to stimulate growth, create jobs, and improve living standards. “As patriots, we must summon our patriotic zeal,” he said.
Despite the challenges, Onwusibe expressed cautious optimism about Nigeria’s economic prospects. He cited the International Monetary Fund’s (IMF) projection of a 4.4 per cent growth in 2026, driven by improved macroeconomic stability, structural reforms, and a rebound in domestic demand.
Onwusibe emphasised the critical roles played by the EFCC and the NFIU in combating financial crimes. He described such crimes as a major drain on the economy and stressed that the agencies’ work in recovering stolen assets, deterring corruption, and enhancing financial stability and security is indispensable.
The House Committee Chairman reiterated the House’s commitment to making effective and impactful legislative interventions.
He disclosed that the House is currently considering four key bills aimed at promoting transparency, protecting public resources, restoring confidence in the financial system, and aligning Nigeria with global best practices.
The bills include: a Bill for an Act to Establish the Economic and Financial Crimes Commission (EFCC); a Bill to Amend the Money Laundering (Prevention and Prohibition) Act, 2022; a Bill to Amend the EFCC Act, 2004; and a Bill to Amend the Proceeds of Crime Act.
These bills are designed to modernise existing laws, bridge operational gaps, strengthen enforcement mechanisms, and ensure that crime does not pay.
Onwusibe commended the EFCC and the NFIU for their tireless efforts, particularly Nigeria’s recent delisting from the Financial Action Task Force (FATF) grey list.
He described this achievement as a significant milestone reflecting the government’s commitment to strengthening the anti-money laundering and combating the financing of terrorism (AML/CFT) framework.
The Committee Chairman assured that the House would provide the necessary support to the EFCC and the NFIU in their critical mandate.
He stressed that their work is central to Nigeria’s economic stability and security, and urged that the agencies be provided with the necessary resources and support to continue their vital work. “I strongly commend your efforts and those of your teams,” he said.
