The Budget Office of the Federation has declared that not one kobo of the N1.302 billion appropriated for the controversial Presidential Economic Advisory Council/Presidential Foreign Intervention Promotion Council (PEAC/PFIPC) was released or spent, asserting that Nigeria’s public finance controls successfully prevented the funds from moving .
In a detailed statement titled “The Money That Never Moved,” Director-General of the Budget Office, Tanimu Yakubu, explained that while the National Assembly appropriated funds for the council, the statutory conditions required to release, pay, or spend the money were never fulfilled . He stressed that an appropriation is merely an authority in law to make provision for expenditure—it is not a cheque, warrant, or cash release from the Treasury .
How the Controls Held
Yakubu explained that before public money can move, multiple institutions must complete separate approval processes, including recruitment clearance, salary approval, treasury warrants, cash backing, and procurement authorisations . In the case of PEAC/PFIPC, every link in the chain failed.
Personnel Provision (₦802,978,783): The Budget Office never issued the mandatory Financial Clearance required for recruitment because key regulatory conditions remained unmet.
The National Salaries, Incomes and Wages Commission had not confirmed that the proposed staffing and remuneration arrangements complied with the approved public-service compensation framework .
“There was no Financial Clearance. There was no lawful recruitment. There was no payroll enrolment. There was no salary payment,” Yakubu stated .
Overhead Provision (₦200,000,000): The overhead never matured into a cash release because overhead funds require Treasury warrants and monthly releases after presidential assent.
In June 2026, following questions about the council’s legal status, the Budget Office formally directed the Federal Ministry of Finance and the Office of the Accountant-General to withhold all payment instruments .
Capital Provision (₦300,000,000): The capital allocation never advanced to the procurement stage. No procurement plan was approved, no Ministerial Tenders Board considered any transaction, and no Bureau of Public Procurement Certificate of No Objection was issued .
Budget Office’s Independent Calculation
Yakubu disclosed that while the council requested ₦3.85 billion for personnel costs, the Budget Office disregarded the unsupported estimate and independently calculated a figure of ₦802.98 million based on approved staffing levels and existing public-service salary ststructur.
This amount was what was included in the Executive Budget proposal and later appropriated .
CBN, Head of Service Confirm No Operations
The Budget Office’s position aligns with testimonies before the House of Representatives ad hoc committee investigating the matter.
The Central Bank of Nigeria (CBN) confirmed it opened two accounts for the disputed agency but noted they never recorded inflows or remittances.
Similarly, the Head of Service of the Federation stated that her office did not allocate office space to the PFIPC at the Federal Secretariat nor deploy staff to the council .
“The conclusion is firm,” Yakubu said. “The money never moved because the controls held.” He added that there is no personnel expenditure to recover because no funds were ever disbursed, pledging the Budget Office’s cooperation with all lawful investigations .
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