…As Falana backs Adeyemi
Fresh revelations have intensified the controversy surrounding the Presidential Economic Advisory Council (PEAC), with official records showing that the body received about ₦1.117 billion under former President Muhammadu Buhari, while another ₦1.3 billion has been allocated to it in the 2026 federal budget despite the Tinubu administration describing it as a non-existent agency.
The development comes amid an ongoing legal battle involving Prince Adeniyi Adeyemi, who claims to be the Director-General of the Presidential Foreign Intervention Promotion Council (PFIPC) and the Presidential Economic Advisory Council, and who has secured the services of senior lawyer Femi Falana (SAN) for his defence.
Payment records reviewed indicate that the State House disbursed approximately ₦1.117 billion to the Presidential Economic Advisory Council between 2021 and 2022 during Buhari’s administration. The earliest payment, dated May 10, 2021, showed that ₦538.26 million was released through the State House Headquarters Transit Account in favour of the council. On June 3, 2022, two separate payments of ₦215 million each were made to support the council’s activities and operations, while an additional ₦209.43 million was later approved for the same purpose.
The disclosures have attracted renewed scrutiny following the inclusion of the same council in the Presidency’s 2026 Appropriation Act, which earmarks over ₦1.3 billion for its operations.
Budget documents show that ₦802.98 million was allocated for personnel costs, ₦200 million for overhead expenses and ₦300 million for capital projects. The overhead estimates include ₦43.58 million for miscellaneous expenses, ₦15.61 million for honorarium and sitting allowances, ₦10.18 million for refreshments and meals, ₦10 million for welfare packages, ₦3.64 million for annual budget administration, ₦3.22 million for publicity and advertisements, and ₦928,306 for postage and courier services.
Under the capital component, ₦182.5 million was proposed for logistics related to hosting the World Investment Summit 2026, while the remaining funds were earmarked for specialised investment and negotiation training programmes, including courses linked to the World Trade Organisation (WTO), the Harvard Program on Negotiation, Certified Investment Management Analyst certification and other strategic investment initiatives.
Despite the detailed budgetary provisions and historical funding records, the Presidency has maintained that the council has no legal existence.
Presidential spokesman Bayo Onanuga, in a statement titled: ‘The Matter of Adeniyi Adeyemi Matthew and the Fictitious Presidential Economic Advisory Council’, described the body as fictitious, and alleged that Adeyemi forged official documents to present himself as its Director-General. According to the Presidency, investigations involving 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 established that Adeyemi was never appointed by President Bola Tinubu or any government authority.
The State House further insisted that neither the Presidential Foreign Intervention Promotion Council nor the Presidential Economic Advisory Council exists as recognised government agencies.
The controversy escalated after Adeyemi accused President Tinubu’s Chief of Staff, Femi Gbajabiamila of demanding ₦400 million, an additional ₦200 million and 48 percent of a purported ₦27.4 billion take-off grant to facilitate his appointment. Adeyemi alleged that the initial ₦400 million payment was made through an intermediary, and called for an independent panel to investigate the claims, while also demanding forensic scrutiny of documents signed by the Chief of Staff since assuming office.
However, the Presidency dismissed the allegations as false and politically-motivated, insisting that Adeyemi had no legitimate appointment and had fabricated official documents.
Adeyemi is currently standing trial before the Federal High Court in Abuja on an 8-count charge bordering on alleged forgery, conspiracy, impersonation and the use of forged presidential documents.
In a major development, human rights lawyer Femi Falana (SAN) has agreed to lead Adeyemi’s defence team as the case progresses.
Meanwhile, Adeyemi, who says he has gone into hiding, has denied all allegations against him and claimed that powerful interests are attempting to eliminate or silence him. “They are after my life and trying to silence me”, he reportedly said, insisting that he remains the lawful head of the agencies in question.
