Nigerians Grappling With Hardship, Says Reps Panel

The House of Representatives Committee on Financial Crimes has said Nigerians were grappling with hardship and there was the pressing need for effective solutions to stimulate growth, create jobs and improve living standards.

The committee’s chairman, Hon. Ginger Onwusibe, said this during the 2026 budget defence session with the Economic and Financial Crimes Commission (EFCC) and the Nigeria Financial Intelligence Unit (NFIU) on Monday.

Onwusibe said the 10th House of Representatives was committed to making legislative interventions that are effective and impactful, adding that lawmakers remained resolute in their duty of crafting laws that are robust, coherent, and responsive to evolving criminal tactics.

“As we gather today, Nigeria faces numerous challenges, and our economy is at a critical juncture. Nigerians are grappling with hardship, and there’s a pressing need for effective solutions to stimulate growth, create jobs, and improve living standards.

“However, as patriots, we must summon our patriotic zeal, as hopes are not lost, since Nigeria’s economy is showing signs of cautious optimism, transitioning from post-reform stabilisation to modest recovery. The International Monetary Fund (IMF) projects a 4.4% growth in 2026, driven by improved macroeconomic stability, structural reforms, and a rebound in domestic demand.

“Recently, the committee considered four bills that are pivotal to our national resolve to promote transparency, protect public resources, restore confidence in our financial system, and align Nigeria with global best practices.

“Collectively, these bills aim to modernise our laws, bridge operational gaps, enhance enforcement mechanisms, and ensure that crime does not pay, regardless of its sophistication or disguise,” he said.

Onwusibe commended EFCC and NFIU’s tireless efforts, which led to the recent delisting of Nigeria from the Financial Action Task Force (FATF) grey list.

“The Economic and Financial Crimes Commission (EFCC) has made significant recoveries in Nigeria. As of October 2025, the EFCC recovered over ₦566 billion, $411 million, and 1,502 properties, secured 3,175 convictions, and demonstrated the NFIU’s crucial role in enhancing financial intelligence, thereby demonstrating the agencies’ capabilities and dedication.

“These achievements and your uncommon headship trajectory are a testament to the leadership of the EFCC Chairman, Ola Olukoyede, and the NFIU Director, Hajia Hafsat Abubakar Bakari. I strongly commend your efforts and those of your teams,” he noted.

Addressing the lawmakers, the chairman of EFCC, Ola Olukoyede, lamented the challenge of paucity of funds, which was affecting the anti-graft agency’s performance.

“Our challenges, as it is applicable to most agencies, my challenge is money, money, money,” Olukayode said, adding that the agency had just last week acquired an item in its forensic laboratory for N4 billion to meet up with the hitech activities of fraudsters.

According to him, the shift towards technology-driven fraud had compelled the commission to invest heavily in forensic and digital tools which significantly increased its operational expenses.