Reps Begin Probe of ₦1.3bn Allocation to Disowned PFIPC in 2026 Budget

The House of Representatives has formally commenced an investigation into the controversial ₦1.3 billion appropriation allocated to the Presidential Foreign Investment Promotion Council (PFIPC) in the 2026 budget, despite the Presidency distancing itself from the agency.

The investigative panel was inaugurated on Monday by the Speaker of the House of Representatives, Tajudeen Abbas, who directed members to determine how the agency, whose legal status has been questioned, found its way into the federal budget.

Represented at the inauguration by the House Leader, Julius Ihonvbere, the Speaker said the ad hoc committee would examine the existence and operations of the PFIPC as well as the circumstances surrounding its inclusion in the 2026 Appropriation Act.

The PFIPC has been at the centre of public controversy in recent weeks following conflicting claims over its legitimacy.

The dispute escalated after the agency's self-acclaimed Director-General, Prince Adeyemi Matthew Adeniyi, and the Chief of Staff to the President, Femi Gbajabiamila, exchanged public statements over the agency's legal status and its relationship with the Presidency.

The Presidency has maintained that the PFIPC is not a recognised government agency, raising questions about how it secured a budgetary allocation.

On July 8, the House adopted a motion mandating an investigation into how an organisation the government says is not a legally established entity received funding in the 2026 budget.

Speaking during the inauguration of the committee, Abbas stressed that the investigation was aimed at protecting the integrity of public institutions rather than targeting specific individuals.

“For weeks now, discussions surrounding the Presidential Foreign Investment Promotion Council have dominated media reports, public commentary and policy debates,” he said.

“Questions have been raised about its legal status, institutional mandate, operational framework, relationship with existing agencies, and, importantly, its appearance within the Federal Budget Framework despite widespread uncertainty regarding its establishment.”

He said the House was committed to establishing the facts through a transparent and evidence-based process.

“These questions deserve clear, factual and authoritative answers.

“The House of Representatives has therefore not constituted this committee to validate speculation or amplify controversy. Neither is this a political exercise. Our objective is simply to establish the facts.”

The Speaker said the investigation would also focus on the processes that allowed the agency to appear in the national budget despite the apparent uncertainty surrounding its legal existence.

He emphasised that parliamentary oversight requires lawmakers to scrutinise issues affecting public finance and governance.

“Democracy functions best when facts prevail over rumours, evidence over conjecture, and accountability over opacity. Where legitimate public questions exist, Parliament has both the authority and the obligation to seek answers in an open, fair and transparent manner,” Abbas said.

The committee is expected to invite relevant government officials and institutions as part of its investigation into the controversial appropriation.