N1.3bn PFIPC Budget Allocation Sparks Controversy

Princ Adeyemi Adeniyi, who claims to be the Director General of the Presidential Foreign Investment Promotion Council (PFIPC), revealed in an interview that a N1.3 billion allocation was included in the 2025 federal budget, despite the agency not being legally established. Adeniyi stated that he was no longer involved when the allocation appeared in the appropriations document.

He visited the budget office in December 2024 to seek inclusion of PFIPC in the 2025 budget but was informed that the submission process had already closed. A female officer allegedly requested a bribe to facilitate the meeting with senior officials.

Following his arrest for forgery and impersonation, Adeniyi denied any knowledge of the PFIPC's inclusion in the budget. The controversy surrounding the PFIPC has attracted national attention, prompting an investigation into how the allocation entered the appropriations process.

Former Speaker Femi Gbajabiamila has filed a N15 billion defamation suit against Adeniyi, claiming he received money to facilitate the establishment of the agency.