The Budget Office of the Federation has clarified that no funds were released to the controversial Presidential Economic Advisory Council (PEAC), also known as the Presidential Fiscal and Investment Promotion Council (PFIPC), despite its inclusion in the federal budget.
In a statement presented to the House of Representatives committee investigating the matter, the Budget Office insisted that “not one kobo” of the appropriated funds was disbursed, stressing that statutory expenditure controls prevented any payment.
The controversy centres on Adeyemi, who allegedly presented himself as the Director-General of the council and claimed to have received a presidential appointment. However, the Presidency has maintained that the council was never established by President Bola Tinubu or through any lawful government instrument.
Following the revelations, President Tinubu directed the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to investigate the circumstances surrounding the council’s operations, including allegations of forged appointment letters, bank accounts, and official documents.
The President ordered the anti-graft agency to conclude its investigation within 30 days. The House of Representatives also constituted an ad hoc committee to determine how the entity was created and how it found its way into the federal budget.
The investigation has also drawn in senior government officials. Chief of Staff to the President, Femi Gbajabiamila, voluntarily honoured an invitation from the ICPC after Adeyemi allegedly linked him to the disputed council.
The ICPC clarified that Gbajabiamila was not arrested but appeared before investigators voluntarily and left after responding to questions. The Chief of Staff has denied any involvement in the matter and has filed a lawsuit against Adeyemi over the allegations.
Meanwhile, the Federal Government has arraigned Adeyemi on charges including forgery, impersonation as a presidential appointee, and using the purported council to seek official recognition and diplomatic support.
The Budget Office’s latest statement now forms part of the evidence before the House committee, reaffirming that although the disputed council appeared in the national budget, no public funds were released to it.
