Records show ‘fictitious’ Presidential Economic Advisory Council received N1.1 billion under Buhari and N1.3 billion in 2026 budget

Abuja, 2 July 2026

Payment records have shown that the Presidential Economic Advisory Council (PEAC), which the Tinubu presidency has publicly described as fictitious, received approximately N1.117 billion from the State House between 2021 and 2022 under former President Muhammadu Buhari. The same council has now been allocated more than N1.3 billion in the 2026 national budget.

Documents reviewed by Sahara Reporters reveal that the State House released the funds for the council’s activities and operations through its Headquarters Transit Account. The earliest payment, dated 10 May 2021, was for N538.26 million, with the narration: “Payment in favour of Presidential Economic Advisory Council (PEAC).”

On 3 June 2022, two separate payments of N215 million each were made on the same day for the council’s activities and operations for the 2022 fiscal year. A further N209.43 million was later disbursed with the narration: “Payment for the State House to cover the activities and operations of the Presidential Economic Advisory Council (PEAC) for the year 2022.”

These payments bring the total released to the council under the Buhari administration to roughly N1.117 billion.

The 2026 Appropriation Act, released by the Budget Office of the Federation, has allocated more than N1.3 billion to the Presidential Economic Advisory Council under the Presidency’s budget. The breakdown shows N802,978,783 for personnel costs, N200,000,001 for overhead expenditure, and N300 million for capital projects.

Despite these records and the fresh budgetary provision, the presidency has maintained that the council is fictitious. In a statement issued on Wednesday and signed by presidential spokesperson Bayo Onanuga, titled “The Matter of Adeniyi Adeyemi Matthew and the fictitious Presidential Economic Advisory Council,” the presidency said: “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.”

The statement added that the office of the Chief of Staff to the President first raised concerns about the illegal agency after receiving complaints from officials of the Nigerian Investment Promotion Council that another government agency was operating at cross-purposes with it.

Adeyemi Adeniyi Matthew has rejected the description of the councils as fictitious. He has insisted that he is the Director-General of both the Presidential Foreign Intervention Promotion Council and the Presidential Economic Advisory Council.

In recent claims, Adeyemi alleged that Chief of Staff to the President Femi Gbajabiamila demanded bribes to facilitate his appointment as head of a government agency. He claimed Gbajabiamila requested N400 million plus an additional N200 million, and 48 per cent of his agency’s take-off grant of N27.4 billion. Adeyemi further alleged that Gbajabiamila received N400 million through a proxy, with an outstanding balance of N200 million still due.

The conflicting accounts have raised fresh questions over the status of the Presidential Economic Advisory Council and the circumstances surrounding its funding and operations.