The House of Representatives has commenced an investigation into the controversial ₦1.3 billion budget allocation made to the Presidential Foreign Investment Promotion Council (PFIPC), an agency the Presidency has said does not legally exist.
Speaker Tajudeen Abbas, while inaugurating the ad hoc committee on Monday, said lawmakers would determine how the agency was created, how it found its way into the 2026 Appropriation Act, and why it received budgetary allocation despite being disowned by the Federal Government.
The committee is also expected to investigate the role of government agencies and officials involved in the budget process and recommend measures to prevent similar incidents in the future. The controversy has sparked concerns over the integrity of Nigeria's budget system and public financial management.
The probe follows an earlier directive by President Bola Tinubu ordering the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to investigate the activities surrounding the alleged phantom agency.