Budget Includes Phantom Agency, Sparks Fraud Allegations

A top official warns that the proposed 2026 appropriation may be fraudulent. He argues that if the PFIPFC agency does not exist yet still appears in the national budget, the entire bill should be discarded. He adds that President Tinubu’s signature on a budget line for a non-existent agency is an embarrassment to the government. Despite its “non-existent” status, the agency reportedly operates from a federal secretariat office and holds multiple CBN accounts, including a domiciliary and a pounds account.

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