The Nigerian Budget Office has defended its controversial N1.3 billion budgetary allocation to the Presidential Foreign Investment Promotion Council (PFIPC) in the 2026 fiscal budget. The defense comes despite the presidency recently disowning the council as a “phantom” agency and accusing its self-proclaimed director-general of fraud.
According to reports from the Nigerian Tribune and The Sun, the presidency recently distanced itself from the PFIPC, claiming that Adeniyi Adeyemi had fabricated his appointment as the council’s director-general. However, the Budget Office has clarified the agency’s institutional origins, attempting to explain how a supposedly non-existent body successfully navigated multiple layers of the federal bureaucracy to secure substantial public funding.
Origins of the Controversy and the Budget Office’s Defense
A representative of the Budget Office, Yakubu, traced the origin of the controversial council to its institutional roots under the administration of former President Muhammadu Buhari. According to Yakubu, the PFIPC originated from the Presidential Economic Advisory Council (PEAC), which was formally inaugurated by President Buhari on October 9, 2019.
To justify the budgetary provision, Yakubu outlined the divided administrative powers that govern the creation and funding of public institutions in Nigeria. The Office of the Head of the Civil Service of the Federation is responsible for establishment and recruitment approvals, while the National Salaries, Incomes and Wages Commission regulates remuneration. The Budget Office’s role is specifically to assess fiscal implications and issue Financial Clearance once these preliminary conditions are met, followed by procurement authorities governing capital expenditure. The Budget Office maintains that its allocation followed these established bureaucratic procedures, despite the presidency’s current stance that the agency is entirely fictitious.
Anatomy of a “Phantom” Agency
The PFIPC scandal has raised critical questions about the integrity of Nigeria’s public administration. Despite the presidency’s claims that Adeyemi is a con man who forged presidential instruments, the PFIPC operated with many of the material attributes of a legitimate federal agency.
Before being disowned, the council successfully secured a N1.3 billion line in the 2026 national budget, occupied physical federal office space in Abuja, held official meetings with foreign diplomats, and secured an approved staff establishment. Furthermore, on a mandate from the Accountant-General of the Federation, the Central Bank of Nigeria (CBN) opened official foreign currency accounts in both US dollars and British pounds for the council, though these accounts reportedly remained empty and inactive. Critics point out that a solitary impostor could not have bypassed the Office of the Secretary to the Government of the Federation (SGF), the Head of Service, the Budget Office, the Accountant-General, and the Central Bank without systemic verification failures or internal collusion.
Systemic Administrative Chaos Under the Tinubu Presidency
The PFIPC controversy is not an isolated incident but part of a broader pattern of administrative disorder that has characterized President Bola Ahmed Tinubu’s administration. Observers have pointed to numerous high-profile appointments and reversals that suggest a lack of centralized control and the influence of competing factions within the Presidential Villa.
Recent examples of this administrative friction include the ongoing leadership dispute at the Border Communities Development Agency (BCDA). On June 27, 2026, the presidency announced Abdulrazak Sa’ad Namdas as the new director-general, claiming the incumbent, Dakorinama Alabo George, had resigned. However, George denied resigning, called the announcement an error, and continued to perform his duties, even meeting with the Minister of Finance to discuss funding. Meanwhile, Namdas reportedly still awaits his formal appointment letter from the SGF.
Similar confusion occurred at the Nigerian Television Authority (NTA) in August 2025, when the presidency announced Rotimi Pedro as director-general while the incumbent still had an active tenure. The decision was reversed two weeks later after it emerged the supervising minister learned of the appointment through the media. Other rapid reversals include the immediate replacement of Niger Delta Development Commission nominees, the short-lived appointment of Kashim Imam at the Federal Roads Maintenance Agency, and the simultaneous appointment of two different chairs for the Federal Character Commission within a four-hour window in August 2025.
Calls for Accountability and Institutional Reforms
The ease with which the PFIPC integrated itself into the federal budget has prompted calls for a comprehensive forensic audit of all presidential councils and budgetary entities established since 2023. Policy analysts suggest that Nigeria should adopt a publicly searchable presidential appointments register—similar to the UK’s Governance Code monitored by an independent Commissioner for Public Appointments—to clearly document statutory offices, appointees, and effective dates.
Without such reforms, critics warn that the division of authority within the executive branch will continue to allow unauthorized actors to exploit bureaucratic loopholes, undermining the legitimacy of presidential directives and the security of public funds.