Budget Office Says No Money Was Released To PFIPC

The Budget Office has told the House of Representatives that no money was released or spent from the disputed PFIPC allocation, even though funds appeared in the 2026 Appropriation Act.

Director-General Tanimu Yakubu gave the explanation when he appeared before the House ad hoc committee looking into the Presidential Foreign Investment Promotion Council, PFIPC, and the budget provisions tied to it.

Yakubu said the Budget Office did not create the council, approve its establishment, assign its budget code or authorise recruitment. He said the office only assessed the fiscal effect of official instruments sent to it by other government institutions.

According to the accounts reported by Vanguard and Daily Post, the council had requested N3.8bn as personnel cost, but the Budget Office rejected that figure and calculated N802.98m based on the approved establishment and public service salary structure.

The Budget Office also said the N523.59m overhead provision and the N1bn capital provision did not become lawful cash releases because the required spending conditions were not met. Yakubu said there was no personnel expenditure to recover because the money never moved.

The explanation adds a new official account to the PFIPC controversy, which has drawn scrutiny from lawmakers over how the council was established, funded and presented in the federal budget.

Sources: Vanguard and Daily Post.