The House of Representatives has resolved to invite the Minister of Budget and Economic Planning and the Director-General of the Budget Office to explain how an alleged fictitious agency, the Presidential Foreign Investment Promotion Council (PFIPC), received a N1.3 billion allocation in the 2026 national budget.
The resolution followed a motion of urgent public importance moved by Hon. Yusuf Gagdi (APC, Plateau), who described the development as a serious threat to the credibility of Nigeria’s budget process and public financial management.
Lawmakers also agreed to establish an ad hoc committee to investigate how the budgetary allocation was introduced, tracing the process from the executive’s proposal to legislative approval.
The House directed all Ministries, Departments and Agencies (MDAs) listed in the 2025 and 2026 Appropriation Acts to be verified against their legal instruments of establishment. It also asked the Office of the Accountant-General of the Federation to ensure that no public funds are released to the PFIPC pending the outcome of the investigation.
Additionally, the Budget Office was instructed to submit a certified list of all agencies proposed for funding alongside future appropriation bills, including the laws establishing each agency, to prevent the inclusion of non-existent entities.
The controversy comes after President Bola Tinubu directed the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to investigate the activities surrounding the PFIPC and submit its findings within 30 days.
During the debate, Deputy Speaker Benjamin Kalu disclosed that representatives of the organisation had previously met with him using official-looking documents bearing the Presidency’s insignia, a Federal Secretariat address, and a “.gov.ng” website, raising concerns about how the group gained access to government institutions.
Meanwhile, the Senate declined to launch its own investigation into the matter, stating that it would await the outcome of the executive’s ongoing probe.
Former Vice President Atiku Abubakar has called for an independent commission of inquiry, arguing that the government should not investigate itself in a matter involving allegations of institutional failures and public accountability.
The purported Director-General of the PFIPC, Prince Adeniyi Adeyemi, has denied defending the council’s budget before the National Assembly, claiming he was in police detention while the 2026 budget was being prepared and insisting that an independent investigation is needed to establish the facts.
