N1.32bn allocation: No Kobo was released to PFIPC, Budget Office tells Reps

The Director-General of the Budget Office of the Federation, Tanimu Yakubu, has asserted that not a single kobo was released or spent by the Presidential Foreign Investment Promotion Council (PFIPC), despite its inclusion in the 2026 Appropriation Act. Yakubu defended the agency's role amidst controversy surrounding the budgetary allocation, explaining that the statutory conditions required for the release of funds were never fulfilled. This statement aims to clarify the agency's position and address public concerns regarding the N1.32 billion allocated to the PFIPC. The Budget Office insists that the mere provision in the act does not equate to the disbursement of funds, emphasizing the procedural requirements that must be met before any expenditure can occur. This defense seeks to assure transparency and accountability in the management of public funds, particularly in light of scrutiny over the PFIPC's budget.