FG: No Public Funds Released to PFIPC Despite 2026 Budget Allocation
The Office of the Accountant-General of the Federation (OAGF) has clarified that no account was successfully opened with the Central Bank of Nigeria (CBN) for the Presidential Economic Advisory Council/Presidential Foreign Intervention Promotion Council, PFIPC, stating that no public funds have been released to the body despite its allocation in the 2026 Appropriation Act.
The Office of the Accountant-General of the Federation (OAGF) has clarified that no account was successfully opened with the Central Bank of Nigeria (CBN) for the Presidential Economic Advisory Council/Presidential Foreign Intervention Promotion Council, PFIPC, stating that no public funds have been released to the body despite its allocation in the 2026 Appropriation Act.
The Director of Information and Public Relations at the OAGF, Mr. Bawa Mokwa, disclosed on Monday that the account-opening process initiated by Prince Adeyemi Adeniyi Matthew was not completed because the names of the proposed account signatories were not submitted.
According to Mokwa, the absence of authorised signatories prevented the account from being opened and, consequently, no funds were paid into it.
“The CBN account was not successfully opened because there have to be signatories to such an account, which were not provided. As such, no money was paid into the said account,” he said.
Mokwa noted that although the PFIPC received a budgetary allocation in the 2026 federal budget, implementation of the budget only commenced in July.
“With the current development, it is clear that no money can be paid into the said account,” he added.
READ ALSO: Adeyemi Defends Alleged Ghost Agency in Resurfaced Video Amid ₦1.3bn Budget Row
He further stated that the proposed CBN account lacked the required authorisation from the Accountant-General of the Federation.
Mokwa also disclosed that, apart from personnel deployed from the OAGF, no staff members were employed by the council under its Director-General. He added that the deployed officers would now serve as prosecution witnesses.
The Presidential Economic Advisory Council/PFIPC was allocated ₦1.303 billion in the 2026 federal budget, comprising ₦802.98 million for personnel costs, ₦200 million for overhead expenditure and ₦300 million for capital projects.
PFIPC DG Defends ‘Fake Agency’
Recall that a video of Prince Adeniyi Adeyemi Matthew, the DG of PFIPC at the centre of the alleged ₦1.3bn “ghost agency” scandal, resurfaced online.
The video, recorded during a press conference held in late June 2026, showed Adeyemi defending his claim to the leadership of the alleged Presidential Foreign Intervention Promotion Council while challenging the position of the Presidency and the Office of the Chief of Staff to the President, led by Femi Gbajabiamila.
During the briefing, Adeyemi questioned how an agency described by the Presidency as non-existent could appear in official budget documents.
He said “the national budget does not emerge in isolation. It passes through multiple layers of technical drafting, executive coordination, ministerial inputs, Budget Office review, and finally legislative scrutiny by both chambers of the National Assembly.”
He argued that the inclusion of the agency in official budget documents raised questions about the integrity of the budget process.
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