House to Investigate 'Fake' Agency in 2026 Budget
The House of Representatives has resolved to investigate the inclusion of the Presidential Foreign Investment Promotion Council (PFIPC) in the 2026 budget, following allegations that it is a 'fake' agency. The motion, led by Hon. Yusuf Gagdi, was adopted during a plenary session, emphasizing the urgent need to safeguard the integrity of the federal budget process.
The PFIPC was found in the 2026 Appropriations Act, with a total expenditure of ₦1,302,978,784, including recurrent and capital expenditures. Concerns were raised about the council's legal establishment, as no bill was found to have been passed to create it, and it appears to duplicate functions of the Nigerian Investment Promotion Commission.
Deputy Speaker Hon. Benjamin Kalu described the situation as a scandal, highlighting the potential threat to the credibility of the appropriations process. The investigation aims to ensure accountability and transparency in the federal budget framework.
Plus234Feed summary based on reporting from Nigerian Tribune. Read the original report below.
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