OAGF Explains Why ₦1.303bn Budgeted For PFIPC Remains Undisbursed

The Office of the Accountant-General of the Federation (OAGF) has clarified that no account was successfully opened with the Central Bank of Nigeria (CBN) for the disputed Presidential Economic Advisory Council/Presidential Foreign Intervention Promotion Council (PFIPC), and that no public funds have been released to the body despite its ₦1.303 billion allocation in the 2026 Appropriation Act.

The OAGF’s Director of Information and Public Relations, Bawa Mokwa, said the account-opening process initiated by Prince Adeniyi Adeyemi Matthew, the council’s self-proclaimed director-general, was never completed because the names of the proposed account signatories were never submitted.

“You cannot open an account at the CBN without authorisation from the Accountant-General,” Mokwa said, adding that without such approvals, “not even one employee can be captured on the payroll.”

Mokwa said the process began after Adeyemi presented an appointment letter to the OAGF, though he claimed the document concerned an existing agency rather than the PFIPC itself.

While the CBN had reportedly informed the OAGF in August 2025 that dollar and pound-denominated accounts had been created, Mokwa insisted the accounts never became operational because the required signatories were never provided.

“The account, till today, has not seen the light of day. It has not seen one kobo because the account is not completely operational,” he said.

He added that the budgetary allocation in the Appropriation Act did not automatically translate into the disbursement of funds, since implementation of the 2026 budget only began in July.

The OAGF also pushed back on claims that PFIPC staff had been paid salaries, explaining that federal agencies cannot recruit personnel or process payments without clearances from the Federal Character Commission, the Budget Office and the Federal Civil Service Commission, followed by enrollment on the Integrated Payroll and Personnel Information System.

Mokwa said none of those statutory conditions had been met by the council, and that aside from a small number of Treasury officers deployed from the OAGF itself, no staff had actually been employed under Adeyemi.

Those deployed officers, he said, would now serve as prosecution witnesses in the ongoing criminal case against Adeyemi, who faces charges of forgery, impersonation and operating a fictitious government agency after the Presidency disowned the council and its ₦1.3 billion budget line ignited a wider political and governance controversy in Abuja.