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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). This means 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, told Vanguard 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 proposed CBN account lacked the required authorisation from the Accountant-General of the Federation. Mr. 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/Presidential Foreign Intervention Promotion Council 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.
Mr. Mokwa further stated that the PFIPC received a budgetary allocation in the 2026 federal budget. However, implementation of the budget only commenced in July, making it impossible for the account to be opened and, consequently, no funds to be released.
The PFIPC was established to promote foreign intervention in the country, which has sparked controversy since its inception. The council's activities have been shrouded in secrecy, and its alleged mismanagement of funds has raised eyebrows among Nigerians.
The PFIPC's allocation in the 2026 federal budget is a clear indication of the government's support for the council's activities. However, the lack of transparency and accountability in the council's operations has led to widespread criticism.
In a statement, Mr. Mokwa noted that '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.'
The PFIPC's fate remains uncertain as the account-opening process remains ongoing. However, the lack of funds released to the council has raised questions about its ability to execute its mandate.
Mr. Matthew's role in the PFIPC is yet to be clarified. His appointment as a signatory to the proposed CBN account remains unclear.
The PFIPC's activities have been shrouded in secrecy. However, the lack of funds released to the council has raised questions about its ability to execute its mandate.
The Presidential Economic Advisory Council/Presidential Foreign Intervention Promotion Council has been allocated ₦1.303 billion in the 2026 federal budget.
The PFIPC's activities have sparked controversy since its inception. The council's alleged mismanagement of funds has raised eyebrows among Nigerians.
The PFIPC's allocation in the 2026 federal budget is a clear indication of the government's support for the council's activities.
The PFIPC's fate remains uncertain as the account-opening process remains ongoing.