State House payment records and the 2026 budget show funding for the Presidential Economic Advisory Council, even as the Presidency describes the body as fictitious
Fresh State House payment records have revealed that about ₦1.117 billion was released to the Presidential Economic Advisory Council (PEAC) between 2021 and 2022, raising questions over the Presidency’s recent assertion that the council is fictitious.
Also read: Falana to defend Adeyemi in alleged forgery case over presidency documents
Documents reviewed by SaharaReporters indicate that the funds were disbursed during the administration of former President Muhammadu Buhari to support the council’s operations and activities through the State House.
The earliest payment, dated May 10, 2021, shows that ₦538.26 million was transferred through the State House Headquarters Transit Account with the narration: “Payment in favour of Presidential Economic Advisory Council (PEAC).”
Further records show that on June 3, 2022, the State House approved two separate payments of ₦215 million each for the council’s activities and operations during the 2022 fiscal year.
Another payment of ₦209.43 million was subsequently processed with the narration: “Payment for the State House to cover the activities and operations of the Presidential Economical Advisory Council (PEAC) for the year 2022.”
The combined payments amount to approximately ₦1.117 billion, according to the records.
The Presidential Economic Advisory Council Funding has come under renewed public scrutiny following the inclusion of the same council in the 2026 Appropriation Act under President Bola Tinubu’s administration.
Budget documents released by the Budget Office of the Federation allocate more than ₦1.3 billion to the Presidential Economic Advisory Council for the 2026 fiscal year.
The appropriation provides ₦802.98 million for personnel costs, ₦200 million for overhead expenditure and ₦300 million for capital projects.
The overhead allocation includes ₦43.58 million for miscellaneous expenses, ₦15.61 million for honouraria and sitting allowances, ₦10.18 million for refreshments and meals, ₦10 million for staff welfare, ₦3.64 million for annual budget administration, ₦3.22 million for publicity and advertisements and ₦928,306 for postage and courier services.
The capital allocation also contains detailed project estimates. The largest component, ₦182.5 million, is earmarked for logistics relating to the proposed World Investment Summit 2026.
Additional allocations include ₦17 million each for an intensive course on trade negotiation skills under the World Trade Organization framework and the Harvard Program on Negotiation, alongside funding for investment management and negotiation-related professional training.
Despite the historical payment records and the current budget allocation, the Presidency on Wednesday maintained that the Presidential Economic Advisory Council does not exist.
In a statement titled “The Matter of Adeniyi Adeyemi Matthew and the fictitious Presidential Economic Advisory Council,” Bayo Onanuga, Special Adviser to the President on Information and Strategy, said Adeyemi Adeniyi Matthew had falsely presented himself as Director-General of a non-existent Presidential Foreign Intervention Promotion Council and Presidential Economic Advisory Council.
“We are aware of the public interest in the matter of a man called Adeyemi Adeniyi Matthew, who has been parading himself as the director-general of a fictitious Presidential Foreign Intervention Promotion Council cum Presidential Economic Advisory Council,” Onanuga said.
The Presidency stated that investigations by the Office of the Chief of Staff, the Ministry of Foreign Affairs, the Office of the National Security Adviser, the Office of the Secretary to the Government of the Federation and the Nigeria Police Force concluded that Adeyemi was never appointed by President Tinubu or any authorised government institution.
According to the Presidency, investigators found that Adeyemi allegedly forged official documents to portray himself as head of the purported agency.
Adeyemi, however, has rejected the allegation, insisting that he was appointed Director-General of both councils.
He has also levelled corruption allegations against Femi Gbajabiamila, the President’s Chief of Staff, claiming the senior official demanded ₦600 million in bribes, including ₦400 million allegedly paid through a proxy and an outstanding ₦200 million, to facilitate his appointment and secure access to a proposed ₦27.4 billion take-off grant.
Gbajabiamila has denied the allegations through the Presidency, which has described Adeyemi as an impostor currently facing criminal charges.
The apparent contradiction between the Presidency’s public position and official financial records, as well as the detailed provisions contained in the 2026 federal budget, has fuelled fresh debate over the status of the Presidential Economic Advisory Council and how it came to receive budgetary allocations and historical State House funding.
Also read: Breaking: Presidency accuses Adeyemi of forging appointment letter
The Federal Government has not publicly explained the discrepancy between its position that the council is fictitious and the documented appropriations and payments made in its name.
Victory Emmanuel is a journalist and contributor to Freelanews.com, covering news, business, and public affairs.
