We've recovered N251bn, multi-million dollar gold, trapped taxes in 16 months - EFCC
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We've recovered N251bn, multi-million dollar gold, trapped taxes in 16 months - EFCC

- The Economic and Financial Crimes Commission (EFCC) has released a detailed report on the financial recoveries it has made since the beginning of 2019

- The EFCC's boss, Ibrahim Magu, said that the commission has recovered not less than N251 billion, multi-million dollar worth of jewelleries like gold and trapped taxes

- Magu also said that the commission needs the sum of N22.071 billion in 2019 budget for its operations

Ibrahim Magu, the acting chairman of Economic and Financial Crimes Commission (EFCC) on Thursday, April 4, said that the anti-graft agency has, between January, 2018 and the first quarter of 2019, recovered N251 billion, multi-million dollar worth of jewelleries like gold and trapped taxes.

Magu revealed this at the ongoing 2018/2019 budget defence organised by the House of Representatives Committee on Financial Crimes, headed by Kayode Oladele, Vanguard reports.

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A comprehensive report on the recoveries indicate N11.5 billion final forfeiture (cash and accounts); N133.8 billion Non-forfeiture recoveries; N8.92 billion direct deposits; N38.64 billion tax recoveries; N4.30 billion fuel subsidy recoveries and N42 billion banks (third party).

Magu said: “These are in addition to recoveries of assets as jewelleries (gold), various sums in other currencies and cash for major government agencies including NNPC, FIRS and AMCON. Other details are in the appendix on recoveries, according to the EFCC boss.

“In the first quarter 2019 financial year, the commission made recoveries which include: Cash – N140.7 million; Direct Deposits – N2.02 billion; Tax recoveries – N7.20 billion; Subsidy recoveries –N3.06 billion and $292 million.”

Magu said that the EFCC needs N22.071 billion in 2019 budget, adding that the capital expenditure of N15.196 billion was reduced to N3.978 billion in the executive summary submitted to the legislature.

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“This represents a 74.82 percent reduction from the approved estimate of N10.07 billion in 2018. We again wish to crave the indulgence of this committee to consider an upward review in the commission capital expenditure proposal for 2019,” he said.

Meanwhile, Legit.ng reported that two hundred and eighty eight million naira had been proposed by the EFCC on generator, meals and newspapers in the 2019 financial year.

The disclosure was made in Abuja on Thursday, April 4, by the acting chairman of the commission, Ibrahim Magu. The breakdown of proposal shows that N225 million will be spent on generator, while N55 million and N7.87 million will be spent on meals and newspapers respectively.

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Source: Legit.ng

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