The Office of the Chief Economic Adviser to the President, (OCEAP), got approval for the sum of N573.45 million as capital allocations in the last five years without a clear identity of presidential appointee answerable to the fund’s utilisation, an investigate finding by the ICIR have shown.
From the above N573.45 million capital budgets, the Office of the Accountant General of the Federation (OAGF) under the Federal Ministry of Finance, released a total sum of N114.97 million (N114,971,989) to the contentious office for its operations. This literally excludes N12.1 million received by the OCEAP in the 2015 fiscal year.
However, a document from the AGF, dated July 6, with reference number FD/OAGF/ADC/305/I/DF shows the OCEAP, in 2016, got a total release of N39.08 million from the N78.17 million capital budget approved for its operations.
It further stated that in 2017, it received N35 million as its total budget releases from the N60 million capital allocation for the year.
The following year, N60 million was also approved for the OCEAP while the accountant general’s office made available N24 million backed with cash. Also, in 2019, the unmanned office received N16.89 million for its operations. The sum was the amount released from the N42.23 million capital budget for activities of the controversial office.
Though the office is yet to receive an allocation for the fiscal year 2020 as of July this year, yet, it got the highest approved capital allocation of N333.06 million in the past five years.
According to the ICIR, “But for the global pandemic, indications have shown that the office would have received the annual release for the year 2020. Nevertheless, despite these allocations and releases, the office is shrouded in secrecy”.
The ICIR check shows that there is no clear government appointee managing the office. However, the Special Adviser to the President on Economic Matters, Office of the Vice President, Dr. Adeyemi Dipeolu, whom the public assumes is the head of the office, has vehemently denied any affinity with the OCEAP.
Sources in the presidency confirmed to the ICIR that the President is yet to engage a chief economic adviser, but federal allocations to this office have been steady.
A check at the State House website, which encompasses a list of offices under the Presidency, also excludes the OCEAP as of the time of filing this report.
