Federal financial controls successfully intercepted a N1.3 billion phantom budget allocation to the unapproved Presidential Foreign Investment Promotion Council (PFIPC) before a single naira was paid out, the Budget Office of the Federation revealed.
Despite operating office spaces at the Federal Secretariat and recruiting staff under the guise of an active presidency agency, the council failed to secure mandatory regulatory clearances, effectively locking its appropriated funds in administrative limbo.
In a statement by Tanimu Yakubu, its Director-General, the agency explained that while N1.3 billion was allocated to the council in the 2026 Appropriation Act, the funds remained unreleased due to incomplete regulatory conditions.
The statement follows a growing scandal surrounding the PFIPC, which operated akin to a fully funded government agency despite lacking a formal presidential declaration or legal framework. The controversy intensified after Chief of Staff to the President, Femi Gbajabiamila, publicly disowned the council, stating it does not
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