Budget Office Confirms PFIPC Funds Appropriated, Not Spent

Tnimu Kurfi, the Director General of the Budget Office of the Federation (BOF), addressed the Yusuf Gagdi-led Ad-hoc committee of the House of Representatives on Friday in Abuja regarding the Presidential Foreign Investment Promotion Council (PFIPC). Kurfi confirmed that funds were appropriated for the PFIPC in the 2026 federal budget but clarified that no funds were disbursed before it was discovered that the PFIPC was a phantom agency.

He emphasized that while appropriation by the National Assembly is a legal authority to provide for expenditure, it does not equate to actual spending. Kurfi explained that public funds require a series of conditions to be met before any money can be released, and if any part of the process fails, the entire chain stops.

He underscored the importance of this system, stating that public finance cannot rely solely on trust.