The Office of the Accountant-General of the Federation has declared that no funds were released to the Presidential Economic Advisory Council/Presidential Foreign Intervention Promotion Council (PFIPC), despite the agency’s ₦1.303 billion allocation in the 2026 budget.
The OAGF explained that attempts to open a Central Bank of Nigeria account for the controversial council failed because the required account signatories were never submitted.
Speaking on the development, the Director of Information and Public Relations at the OAGF, Mr. Bawa Mokwa, said the process initiated by Prince Adeyemi Adeniyi Matthew remained incomplete.
“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,” he said.
According to Mokwa, the failure to provide authorised signatories made it impossible for the account to be activated or funded.
He further disclosed that although the PFIPC was captured in the 2026 Appropriation Act, implementation of the budget only commenced in July.
“With the current development, it is clear that no money can be paid into the said account,” he added.
The Accountant-General’s office also stated that the proposed CBN account lacked the mandatory authorisation required from the Accountant-General of the Federation.
In another revelation, Mokwa disclosed that no independent staff members were employed by the council under its Director-General, apart from officers deployed from the OAGF.
He added that the deployed personnel are now expected to serve as prosecution witnesses in the ongoing controversy surrounding the council.
The PFIPC had been allocated ₦1.303 billion in the 2026 federal budget, including ₦802.98 million for personnel costs, ₦200 million for overhead expenses, and ₦300 million for capital projects.
The development comes amid growing scrutiny over the PFIPC scandal and questions surrounding the legitimacy and operations of the council.
