PFIPC Scandal: Federal Government is Trapped in Own Contradictions, Atiku Says

Presidential candidate Atiku Abubakar has declared that conflicting accounts from Nigeria's Accountant-General's Office (OAGF) and the Central Bank of Nigeria (CBN) over the Presidential Foreign Investment Promotion Council (PFIPC) accounts expose a government ensnared by its own contradictions. Abubakar stated that the CBN's testimony to the House of Representatives directly contradicted the OAGF's earlier narrative, plunging President Bola Tinubu's administration into a severe credibility crisis.

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This is where the cover-up appears to begin. One institution denied authorising the opening of the PFIPC accounts and alleged forgery. Another, before the representatives of the Nigerian people, stated that the accounts were opened on the directive of the Accountant-General after due process was followed. Both accounts cannot be true.

"This is where the cover-up appears to begin," Abubakar said through his Senior Special Assistant on Public Communication, Phrank Shaibu. "One institution denied authorizing the opening of the PFIPC accounts and alleged forgery. Another, before the representatives of the Nigerian people, stated that the accounts were opened on the directive of the Accountant-General after due process was followed. Both accounts cannot be true."

Abubakar expressed sympathy for Tinubu, noting that when two key financial authorities publicly contradict each other on the same transaction, it signals a "web of deception and a profound crisis of credibility." He criticized the President for remaining on the sidelines while his government presented conflicting stories. Abubakar questioned which version Tinubu believes and why he has not acted decisively.

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When two of your most sensitive financial and monetary authorities publicly contradict each other on the same transaction, no serious leader needs a clairvoyant to know that his administration is trapped in a web of deception and a profound crisis of credibility.

The opposition figure stressed that delaying a truly independent investigation deepens public suspicion that the administration prioritizes image management over truth. He also pointed to the silence of the Attorney-General of the Federation, suggesting it compounds the crisis and reinforces the perception that the government is more concerned with political fallout than uncovering facts.

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The President cannot continue to watch from the sidelines while his government tears itself apart with conflicting narratives.

Abubakar called on the National Assembly to summon the Accountant-General and the CBN Governor to testify under oath together. He framed the PFIPC scandal as a referendum on Tinubu's integrity and competence, questioning how many other abuses might have gone undetected due to weak oversight and institutional failures if such a scheme could cause such public contradictions between critical financial bodies.

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The PFIPC scandal has ceased to be merely about disputed accounts. It has become a referendum on President Tinubu’s integrity and competence.