The House of Representatives on Monday commenced an investigation into the circumstances surrounding the appropriation of ₦1.3 billion to the Presidential Foreign Investment Promotion Council in the 2026 Federal Budget, with lawmakers seeking to determine whether the council was lawfully established and how it came to be included in the budget framework.
The investigation began with a public hearing organised by the House Ad-hoc Committee probing the council’s establishment and operations.
Speaking on behalf of the Speaker of the House of Representatives, Tajudeen Abbas, the House Majority Leader, Prof. Julius Ihonvbere, said the probe was aimed at uncovering the facts surrounding the council’s creation and funding while strengthening transparency and accountability in public administration.
According to him, the exercise is not politically motivated but intended to establish whether constitutional and administrative procedures were followed in the establishment of the council.
Chairman of the ad-hoc committee, Rep. Yusuf Adamu Gagdi, said the panel would be guided by the Constitution, existing laws and credible evidence in carrying out its assignment.
He assured stakeholders that the committee would conduct a fair and objective investigation and make recommendations to prevent similar occurrences in the future.
Testifying before the committee, the Head of the Civil Service of the Federation, Mrs. Didi Esther Walson-Jack, denied that her office established the Presidential Foreign Investment Promotion Council.
She explained that the Office of the Head of the Civil Service only approved the council’s organisational structure after receiving the required documentation, stressing that the approval of government agencies does not fall within its statutory responsibilities.
Walson-Jack further told lawmakers that her office neither recruited staff for the council nor supervised its operations.
Also appearing before the committee, Hamisu Abdullahi, Director at the Central Bank of Nigeria representing the CBN Governor, Olayemi Cardoso, disclosed that two foreign currency accounts opened for the council were never activated.
According to him, although the accounts were opened following a request transmitted through the Office of the Accountant-General of the Federation, they remained inactive because the council failed to submit the required documentation, including mandate cards and authorised signatories.
He added that the accounts carried zero balances and had never been operated.
The committee is expected to continue hearing from relevant government institutions as it seeks to establish the legal status of the Presidential Foreign Investment Promotion Council, determine how it received a ₦1.3 billion allocation in the 2026 budget and recommend appropriate legislative or administrative actions.
