The budget office of the federation says financial clearance was not issued to the Presidential Foreign Investment Promotion Council (PFIPC) because the “required conditions were incomplete”.
In a statement issued by Tanimu Yakubu, its director-general, the budget office said without the clearance, the council’s financial allocations remain a figure in the budget.
THE CASE
Without a legal framework or presidential declaration, PFIPC operated akin to a government agency, complete with an allocation in the 2026 budget, an office space at the federal secretariat, while recruiting staff members.
A review of the 2026 Appropriation Act indicates that the Presidential Economic Advisory Council/Presidential Foreign Intervention Promotion Council is expressly listed under the presidency, with a total budget of N1,302,978,784.
The allocation includes N802,978,783 for personnel costs, N200,000,001 for overhead expenditure and N300,000,000 for capital projects.
The PFIPC controversy came to the fore on June 11, 2026, when
