Budget Office Confirms No PFIPC Funds Released

Tanimu Yakubu, the Director-General of the Budget Office of the Federation, addressed the House of Representatives Ad Hoc Committee investigating the Presidential Foreign Investment Promotion Council (PFIPC). He clarified that while funds were appropriated for the PFIPC, no expenditure occurred because the statutory process required for fund release was not completed.

Yakubu explained that an appropriation grants legal authority for expenditure but does not ensure immediate disbursement. The PFIPC was included in the budget as part of the Presidential Economic Advisory Council/Presidential Foreign Investment Promotion Council (PEAC/PFIPC), but the necessary approvals were not secured.

He noted that the council requested ₦3.85 billion for personnel costs, but the Budget Office calculated the requirement at ₦802.98 million, which was included in the Executive Budget proposal. Financial clearance, essential for recruitment and salary payments, was never issued due to unmet conditions.

The 2026 Appropriation Bill received Presidential assent on 31 March 2026, but confirmation from the National Salaries, Incomes and Wages Commission was still pending.