The Office of the Accountant-General of the Federation (OAGF) has dismissed reports suggesting that funds were released to the Presidential Economic Advisory Council/Presidential Foreign Intervention Promotion Council (PFIPC), confirming that no Central Bank of Nigeria (CBN) account was successfully opened for the agency.
According to the OAGF, the failure to complete the account-opening process meant that no public funds could be transferred, despite the council receiving an allocation in the 2026 national budget.
Missing Signatories Halted Account Opening
Speaking on Monday, the Director of Information and Public Relations at the OAGF, Bawa Mokwa, explained that the process initiated to establish the CBN account could not be concluded because the required account signatories were never submitted.
He said the absence of authorised signatories made it impossible for the CBN to activate the account, effectively preventing any government funds from being deposited.
Mokwa stressed that without a functional account, no financial transactions involving the council could take place.
Budget Implementation Began Only in July
The OAGF also pointed out that although the PFIPC was listed among agencies that received allocations in the 2026 Appropriation Act, the implementation of the federal budget only commenced in July.
As a result, the office maintained that the current circumstances make it impossible for any funds to have been paid into an account that was never formally established.
No Approval Granted for the Proposed Account
Further clarifying the situation, Mokwa revealed that the proposed CBN account did not receive the mandatory approval from the Accountant-General of the Federation.
He explained that such authorisation is a necessary requirement before any government account can be opened or used for official financial transactions.
Deployed Personnel to Assist Investigation
The OAGF also disclosed that the council did not recruit any staff independently under its Director-General, aside from officers deployed from the Accountant-General’s office.
Those officials, according to Mokwa, are now expected to serve as prosecution witnesses as investigations into the matter continue.
PFIPC Received Over ₦1.3 Billion in the 2026 Budget
The Presidential Economic Advisory Council/Presidential Foreign Intervention Promotion Council was allocated a total of ₦1.303 billion in the 2026 federal budget.
The breakdown of the allocation includes ₦802.98 million earmarked for personnel costs, ₦200 million for overhead expenses, and ₦300 million designated for capital projects.
Despite the approved allocation, the OAGF insists that no money has been released to the council because the required financial procedures were never completed.
