Curious Matters Arising on the PFIPC Saga

An independent investigation into Nigeria's budget documents has uncovered a potential exploitation of dormant government structures, centering on the Presidential Economic Advisory Council (PEAC).

The current administration, led by President Tinubu, established its economic body in March 2024, naming it the Presidential Economic Coordination Council (PECC). This council, which Tinubu chairs and includes prominent figures like Dangote and Elumelu, has a different structure and budget code.

However, the PEAC, originally created by former President Buhari in September 2019 to replace an earlier economic team, was never formally dissolved. Its institutional identity remained, even as it became dormant. This dormant status, according to the investigation, was exploited.

Searches of the 2024 and 2025 appropriation acts show no trace of the PEAC or its budget code. Yet, the 2026 budget, signed in April 2026, inexplicably includes a N1.3 billion allocation for the "Presidential Economic Advisory Council / Presidential Foreign Intervention Promotion Council." This allocation features detailed line items for personnel costs, overhead, and capital expenditure, including funds for a World Investment Summit, and various negotiation and management training courses.

The detailed nature of the budget submission, including specific training programs, indicates it was prepared by someone familiar with government budgeting processes. Crucially, this budget code did not exist in previous years and was reportedly created and inserted during the 2025 preparation window, suggesting a deliberate action rather than a carry-over from the Buhari administration.