Budget Office: No PFIPC Funds Released Despite ₦1.3 Billion Allocation

Nigeria's Budget Office has stated that no public money reached the Presidential Foreign Investment Promotion Council, despite lawmakers setting aside ₦1.303 billion for the agency in the budget. Director-General Tanimu Yakubu told a House of Representatives investigative committee on Friday that legal and administrative requirements were never satisfied, preventing the funds from being released.

Yakubu clarified that budgeting approval differs from actual expenditure. Appropriating money gives the legal right to spend it, he explained, but does not automatically trigger the release of cash.

The council's personnel budget was not processed, and no salaries or payments were authorized. The Budget Office stated that government expenditure controls functioned as intended by blocking the transaction.

The PFIPC entered the national budget during President Muhammadu Buhari's administration, originating from the Presidential Economic Advisory Council established in October 2019. The Independent Corrupt Practices Commission has been investigating how the entity came to be included in official budget documents.

The council and its self-proclaimed Director-General, Adeniyi Adeyemi, have drawn scrutiny from lawmakers and anti-corruption agencies. The Budget Office emphasized that the distinction between appropriation and actual spending is critical to understanding the case.

While the National Assembly allocated resources to the council, the government's financial control systems prevented those allocations from becoming actual expenditure. No recruitment occurred under the council's banner, and no staff were paid using state funds.