No kobo was spent on PEAC, PFIPC, Budget office tells Reps

File photo: Adeniyi Adeyemi Matthew, acclaimed Director General of the Presidential Foreign Intervention Promotion Council/Presidential Economic Advisory Council.

The Budget Office of the Federation has told the House of Representatives that none of the funds appropriated for the controversial Presidential Economic Advisory Council/Presidential Foreign Intervention Promotion Council was released or spent.

The Director-General of the Budget Office, Tanimu Yakubu, disclosed this on Friday while appearing before the House ad hoc committee investigating the establishment of the council and the N1.3 billion budgetary allocation made to it in the 2026 Appropriation Act, Channels TV reports.

Yakubu explained that although the National Assembly approved funding for the council, the legal and administrative requirements needed before any money could be accessed were never fulfilled.

“The conclusion is firm. Not one kobo of the personnel provision could lawfully have been drawn, and not one kobo was drawn. The overhead provision never matured into a lawful cash release.