The Budget Office of the Federation has told the House of Representatives that no funds were released or spent on the controversial Presidential Economic Advisory Council/Presidential Foreign Intervention Promotion Council (PFIPC).
Director-General Tanimu Yakubu made the disclosure on Friday while appearing before a House ad hoc committee investigating the council and its ₦1.3 billion allocation in the 2026 Appropriation Act.
Yakubu said although funds were approved by lawmakers, none could be accessed because required legal and administrative conditions were not met.
“Not one kobo was drawn. The conditions for spending were not met,” he said.
He added that the Budget Office withheld financial clearance, while no recruitment or payroll approvals were granted. The Federal Ministry of Finance and the Office of the Accountant-General of the Federation were also instructed not to process payments linked to the council.
The controversy began after Adeniyi Adeyemi presented himself as the council’s director-general, despite the Presidency denying the agency’s existence. Adeyemi was seen meeting officials and reportedly operating from an office in Abuja. He has since been arrested while denying wrongdoing and alleging misconduct by Femi Gbajabiamila, who has rejected the claims and taken legal action.
As part of the probe, the Central Bank of Nigeria confirmed it opened two accounts for the council on instruction but said neither was activated or funded.
CBN official Abdullahi Hamisu told lawmakers no transactions occurred due to the absence of authorized signatories.
Similarly, Head of Service Didi Walson-Jack said no staff or office space was allocated to the council.
The Independent Corrupt Practices and Other Related Offences Commission has launched an investigation into the matter following a directive from President Bola Tinubu.
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