Budget Office Rejects N3.8bn Request from Investment Council

On Friday, Tanimu Yakubu, the Director-General of the Budget Office of the Federation, informed the House of Representatives that the office rejected a request for N3.8bn in personnel costs from the Presidential Foreign Investment Promotion Council. Instead, the Budget Office calculated a lower personnel cost of N802.98m based on the approved establishment and public service salary structure.

Yakubu clarified that the council's total budgetary allocation was approximately N1.32bn in the 2026 Appropriation Act, but no funds were released or spent because the necessary statutory conditions for accessing public funds were not met. He emphasized that the personnel allocation, which accounted for 61.63% of the council's total appropriation, was untouched, with no expenditure occurring.

Additionally, he noted that the council's N200m overhead allocation and N300m capital allocation were also not released due to the absence of required financial clearances and procurement procedures. Yakubu asserted that the Budget Office did not create or approve the establishment of the council.