House to Probe How Phantom PFIPC Snuck ₦1.3bn into 2026 Budget
The House of Representatives has formed an ad hoc committee to investigate how a non-existent Presidential Foreign Investment Promotion Council (PFIPC) secured over ₦1.3 billion in the 2026 federal budget. The panel will trace the allocation from the Executive’s proposal through the legislative process. Hon. Yusuf Adamu Gagdi, sponsor of the motion, warned that the inclusion of the phantom agency exposed serious flaws in Nigeria’s budget preparation and verification system. He noted the PFIPC claimed to operate from Abuja’s Federal Secretariat Complex despite lacking any legal establishment. The committee will summon the Minister of Budget and Economic Planning and the Director-General of the Budget Office to explain the verification procedures. It will also cross-check all ministries, departments, and agencies against their legal instruments before approving any budget. A report is expected within four weeks. Pending the probe’s outcome, no funds will be released for the disputed PFIPC allocation.
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