The House of Representatives on Monday formally inaugurated an ad hoc committee to investigate the circumstances surrounding the alleged establishment of the Presidential Foreign Investment Promotion Council (PFIPC), with lawmakers pledging a transparent, evidence-based inquiry into its legal status and inclusion in the federal budget framework.

The committee, chaired by Hon. Yusuf Adamu Gagdi, held its inaugural sitting at the National Assembly on Monday following its inauguration by the Speaker of the House, Rt. Hon. Tajudeen Abbas, who was represented by the House Leader, Prof. Julius Ihonvbere.

In his address, Abbas said the investigation was part of the House’s constitutional oversight responsibility and was aimed at establishing facts surrounding the existence, operations and budgetary recognition of the PFIPC.

He stressed that the committee was not constituted to validate speculation or pursue political interests, but to provide factual answers to questions that had generated widespread public interest.
“The House of Representatives has therefore not constituted this Committee to validate speculation or amplify controversy. Neither is this a political exercise. Our objective is simply to establish the facts,” the Speaker said.

According to him, democracy thrives when “facts prevail over rumours, evidence over conjecture, and accountability over opacity.”

Abbas outlined the committee’s terms of reference, directing members to determine the legal basis, if any, for the establishment and operation of the council; examine the processes leading to its creation; investigate its mandate, governance structure, funding sources and relationship with existing statutory agencies.

The committee is also expected to determine how the PFIPC was included in the Federal Budget Framework, identify approvals and authorisations connected with the process, assess possible duplication of statutory functions with existing government institutions, receive memoranda from relevant stakeholders, and recommend legislative or administrative reforms where necessary.

He emphasised that the exercise was about strengthening institutions rather than targeting individuals.
“This inquiry is not about personalities. It is about institutions, and moreover, it is about the integrity of public administration,” Abbas said.

The Speaker urged all public officials, ministries, departments and agencies invited to the investigation to cooperate fully and provide truthful information.
“The House expects the truth, not rehearsed scripts or defensive posturing. Nigerians deserve candour. They deserve explanations that withstand scrutiny,” he added.

Earlier, Gagdi assured Nigerians that the committee would conduct its assignment with fairness, professionalism and strict adherence to the Constitution and the principles of natural justice.

He described the assignment as significant and sensitive, saying members would objectively examine whether constitutional and statutory procedures were followed in the alleged establishment of the PFIPC.

“Our mandate is to objectively examine the circumstances surrounding the alleged establishment and operations of the Presidential Foreign Investment Promotion Council, determine whether due constitutional and statutory processes were followed, engage all relevant stakeholders, carefully review the available evidence, and submit appropriate findings and recommendations to the House,” Gagdi said.

He pledged that every individual and institution connected with the investigation would be accorded a fair hearing.

“We shall approach this assignment with an open mind, guided only by the Constitution, the law, credible evidence and the overriding national interest,” he stated.

Gagdi also commended Speaker Abbas for constituting the committee, saying the move reflected the House’s commitment to transparency, accountability and constitutional governance.

He praised members of the committee and the secretariat for their preparedness, expressing confidence that the investigation would strengthen democratic institutions and reinforce the rule of law.

Among those invited to participate in the probe are the Minister of Budget and Economic Planning, Minister of Finance, Minister of Justice and Attorney-General of the Federation, Governor of the Central Bank of Nigeria, Chairman of the Economic and Financial Crimes Commission, Chairman of the Independent Corrupt Practices and Other Related Offences Commission, Auditor-General for the Federation, Head of the Civil Service of the Federation, Director-General of the Department of State Services, Inspector-General of Police and the Chief of Staff to the President.
Representatives of the Budget Office of the Federation, Fiscal Responsibility Commission, Ministry of Foreign Affairs and ICPC were present at the inaugural sitting.

The committee is expected to receive testimonies and memoranda from government institutions, experts, civil society organisations and members of the public before submitting its report and recommendations to the House of Representatives.