President Bola Tinubu has directed a thorough forensic investigation into the emergence of multiple fictitious agencies, including the controversial Presidential Foreign Intervention Promotion Council. This directive was announced by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, during a briefing after the Federal Executive Council meeting held at the Aso Rock Villa in Abuja.

The investigation comes in light of findings by the Independent Corrupt Practices and Other Related Offences Commission (ICPC), which revealed the existence of additional fake agencies beyond the initially identified council. Oyedele emphasized the need for a comprehensive review of processes and internal controls that allowed such entities to operate within the federal system.

"The President gave us updates about the work the ICPC has done, and as a result of that, the council has directed that we commission a forensic investigation that will look into our processes, our procedures, internal control weaknesses that allow some of these things to happen," Oyedele stated.

The investigation will also extend to the Integrated Personnel and Payroll Information System (IPPIS), with concerns that the presence of fake agencies may indicate the existence of fictitious employees on the federal payroll. Oyedele noted that the government cannot afford to have fake personnel undermining its ability to pay legitimate civil servants adequately.

In terms of financial implications, Oyedele revealed that the government has achieved N9.495 trillion in subsidy savings and incremental revenue, which has been funneled into increasing salaries and allowances for civil servants. He stressed the urgency of addressing the issue of fake agencies to prevent further constraints on the government's financial capabilities.

The Minister of Information and National Orientation, Mohammed Idris, added that the ICPC's report highlighted not only the Presidential Foreign Intervention Promotion Council but also at least two other fake agencies. He confirmed that the President has tasked both the Attorney-General and the Finance Minister to conduct a joint examination of the administrative and accounting systems that allowed these lapses to occur.

Idris cautioned that the scandal might predate the current administration, indicating a deeper systemic issue that requires immediate attention. "This didn’t just happen now. It is possible that this dates back longer than when the President was in office," he remarked.

In addition to addressing the issue of fake agencies, the Federal Executive Council approved several measures aimed at enhancing Nigeria's international business relations. This includes the signing of Double Taxation Avoidance Treaties with Ghana, Tanzania, and Switzerland, aimed at expanding investment opportunities for Nigerian businesses abroad.

Furthermore, the council approved a $1.25 billion financing facility from the International Development Association and the International Bank for Reconstruction and Development. This concessional financing is dedicated to supporting Nigeria's Actions for Investment and Job Acceleration development policy, with a repayment period of approximately 30 years, reflecting the government's commitment to job creation as a national priority.