Lawmakers initiate investigation into Presidential Foreign Investment Promotion Council regarding its legitimacy and funding allocation

n n

By Gift ChapiOdekina, Abuja

n

The House of Representatives has inaugurated an ad hoc committee to investigate the legal basis for the establishment and operations of the Presidential Foreign Investment Promotion Council (PFIPC), including the circumstances surrounding its inclusion in the Federal Government’s budget framework.

n

Speaking at the inauguration of the committee in Abuja on Monday, Speaker of the House, Rep. Abbas Tajudeen, said the investigation is intended to establish the facts surrounding the council’s creation and operations, stressing that it is neither politically motivated nor aimed at fuelling public controversy.

n

According to the Speaker, the decision to constitute the committee followed growing public interest and debate over the council’s legal status, institutional mandate, operational framework and relationship with existing government agencies responsible for investment promotion.

n

“The House of Representatives has not constituted this committee to validate speculation or amplify controversy. Neither is this a political exercise. Our objective is simply to establish the facts,” Abbas said.

n

He noted that legislative oversight is a constitutional responsibility designed to promote transparency, accountability and good governance.

n

Abbas directed the committee to determine whether the PFIPC was established in accordance with the law and whether constitutional and statutory procedures were followed in its creation and operations.

n

The committee is also expected to examine the council’s mandate, governance structure, funding sources, operational activities and relationship with existing statutory agencies.

n

In addition, the panel will investigate how the council was incorporated into the Federal Government’s budget framework and whether due budgetary procedures were observed.

n

The Speaker further tasked the committee with assessing whether the council’s functions overlap with those of existing government institutions and recommending any legislative, administrative or institutional reforms considered necessary to improve transparency, accountability and fiscal responsibility.

n

He called on ministries, departments and agencies, constitutional bodies, experts, civil society organisations and other stakeholders to cooperate with the committee by providing relevant information and evidence.

n

Abbas urged the panel to conduct its work with fairness, impartiality and strict adherence to the Constitution and the rule of law.

n

Chairman of the committee, Rep. Yusuf Adamu Gagdi, assured the House that the investigation would be conducted professionally and objectively.

n

He said the committee would examine the circumstances surrounding the establishment and operations of the PFIPC, determine whether due legal and constitutional processes were followed, engage relevant stakeholders and submit its findings and recommendations to the House.

n

Gagdi also pledged that all individuals and institutions connected to the investigation would be given a fair hearing, adding that the proceedings would be guided by the principles of natural justice, transparency and due process.

n

The committee commenced its inaugural sitting shortly after its inauguration and is expected to receive memoranda and testimonies from relevant stakeholders as part of the investigation.

n n