The Office of the Accountant-General of the Federation (OAGF) has said no public funds have been released to the Presidential Economic Advisory Council/Presidential Foreign Intervention Promotion Council (PFIPC), despite the council’s allocation in the 2026 Appropriation Act.
The office explained that the council was unable to open an operational account with the Central Bank of Nigeria (CBN), making it impossible for any government funds to be disbursed.
Speaking on Monday, the OAGF’s Director of Information and Public Relations, Bawa Mokwa, said the account-opening process initiated by Prince Adeyemi Adeniyi Matthew remained incomplete because the required account signatories were never submitted.
According to him, the absence of authorised signatories meant the proposed account could not be activated.
“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,” Mokwa stated.
He further disclosed that the proposed account did not receive the approval of the Accountant-General of the Federation, a mandatory requirement before any federal account can become operational.
Mokwa noted that although the PFIPC was provided for in the 2026 national budget, implementation of the appropriation only commenced in July, adding that the current circumstances make any release of funds to the council impossible.
He also revealed that the council did not recruit its own workforce, explaining that only personnel deployed from the Office of the Accountant-General worked with the body.
According to him, those officers have now been designated as prosecution witnesses in the ongoing legal proceedings relating to the council.
The PFIPC was allocated ₦1.303 billion in the 2026 Appropriation Act, including ₦802.98 million for personnel costs, ₦200 million for overheads and ₦300 million for capital expenditure.
The council has been at the centre of a growing controversy following allegations over its legal status and operations, with criminal proceedings involving alleged forgery, impersonation and related offences currently before the court.