Socio-Economic Rights and Accountability Project (SERAP) has given Godswill Akpabio, Senate President, and Tajudeen Abbas, speaker of the House of Representatives, seven days to explain how over N1.3 billion was allocated in the 2026 Appropriation Act to a presidential council that the Presidency has described as fictitious.

In a Freedom of Information (FoI) request dated July 4, 2026, SERAP asked the National Assembly leadership to release certified copies of all documents related to the approval of the N1,302,978,784 allocation to the Presidential Foreign Intervention Promotion Council (PFIPC)/Presidential Economic Advisory Council.

The rights group also called on the National Assembly to invoke its investigative powers under Sections 88 and 89 of the 1999 Constitution to probe the circumstances surrounding the allocation and identify those responsible for what it described as apparent irregularities in the budget process.

SERAP further requested records identifying the lawmakers and committees that considered the allocation, as well as the public officials or representatives who defended the budget proposal before the committees.

The civil organisation also sought clarification on whether the allocation originated from the Executive’s 2026 Appropriation Bill or was introduced during the legislative appropriation process.

It equally demanded to know whether any lawmaker questioned the legal status or operational mandate of the council before approving the allocation.

The FoI request follows a July 1 statement by the Presidency denying the existence of the Presidential Foreign Intervention Promotion Council and insisting that the Federal Government never created the body.

Describing the conflicting claims as alarming, SERAP said they raised “serious concerns regarding the integrity of Nigeria’s appropriations process, legislative oversight, public financial management, and accountability.”

The FoI request, signed by Kolawole Oluwadare, deputy director, SERAP, stressed that Nigerians have a constitutional right to know whether public funds were appropriated to an entity that does not legally exist.

SERAP said, “Nobody has a more sacred obligation to obey the law than those who make the law, and that the National Assembly has a constitutional responsibility not merely to approve the Executive’s budget proposals but to rigorously scrutinise them before authorising public expenditure.”

The organisation argued that disclosure of the requested documents would enable Nigerians to determine whether the National Assembly fulfilled its constitutional obligations under Sections 80, 81, 88, and 89 of the Constitution in approving the allocation.

SERAP warned that if the requested information is not released within seven days of receipt or publication of the letter, it would initiate legal proceedings to compel the National Assembly to disclose the documents.

The organisation further maintained that making the records public would strengthen confidence in the National Assembly’s credibility, enhance transparency in the appropriation process, and promote accountability in the management of public funds.

It also cited the Freedom of Information Act, the Nigerian Constitution, the African Charter on Human and Peoples’ Rights, the International Covenant on Civil and Political Rights, and the Tshwane Principles as legal bases for its demand for full disclosure.

World Bank has said Nigeria’s greatest fiscal challenge is weak revenue mobilisation rather than excessive borrowing, urging the Federal Government to strengthen revenue generation to support sustainable economic growth and meet its debt obligations.

The World Bank Country Director for Nigeria, Mr. Mathew Verghis, stated this during an interview on Channels Television on Friday.

According to him, Nigeria’s debt profile remains moderate by international standards and does not place the country among nations experiencing debt distress.

“From our assessment, Nigeria doesn’t have a high indebtedness problem; it has a low revenue problem,” Verghis said.

He explained that Nigeria’s debt-to-Gross Domestic Product (GDP) ratio is lower than that of many comparable economies, adding that the country’s fiscal challenge lies more in its limited revenue base than in the volume of its borrowing.

“When we looked at the numbers, Nigeria is a moderately indebted country, meaning it has less debt relative to its economy than most of its neighbours and many other countries.

“Nigeria is in a very different situation from Ghana, for example, which is going through a debt restructuring,” he said.

Verghis defended government borrowing, describing it as a legitimate tool for financing long-term investments capable of stimulating economic growth and improving citizens’ welfare.

“Nigeria borrows for the same reasons that all countries borrow. If you want to deliver results to people, the money available on an annual basis is not enough.

“So you borrow, deliver results, and that improves your ability to repay,” he said.

He cited electricity infrastructure as an example, noting that expanding access to power for millions of Nigerians would require substantial upfront financing.

“To be able to connect and provide energy to 32 million Nigerians, Nigeria needs to borrow money now.

“But with increased access to energy, the country will become wealthier and better positioned to repay the loans,” he added.

The World Bank official, however, warned that Nigeria’s low revenue generation poses a greater risk to fiscal sustainability than its current debt burden.

“Nigeria’s debt is not particularly high, and in fact, it is quite moderate by international standards.

“Its revenues are very low by international standards, and unless those revenues are raised, it will not be able to pay back debt,” he said.

Verghis said improving revenue mobilisation would enable the government to invest more in critical sectors such as infrastructure, healthcare, education and agriculture, while supporting job creation, strengthening human capital development and reducing poverty.

He noted that the World Bank’s recently unveiled Country Partnership Framework for Nigeria for 2026 to 2032 places job creation at the centre of its support for the country.

According to him, the framework will focus on investments in infrastructure, healthcare, agriculture and digital connectivity to promote inclusive and sustainable economic growth.

Ola Olukoyede, chairman of the Economic and Financial Crimes Commission (EFCC), has disclosed that the commission recovered more than N7.2 million stolen from the bank account of a serving judge by suspected internet fraudsters in a midnight cyberattack.

Ola Olukoyede, Chairman of the Economic and Financial Crimes Commission (EFCC).

Olukoyede made the disclosure at the public presentation of two books authored by retired High Court judge, Justice Alaba Omolaye-Ajileye.

He said the serving judge, who is from a South-South state, contacted him around 1:00 a.m. after receiving multiple debit alerts indicating that funds had been withdrawn from her account.

According to him, the stolen money represented savings the judge had accumulated over six years to finance her child’s education.

Olukoyede said the EFCC immediately swung into action and successfully recovered the entire sum before 6:00 p.m. on the same day.

He said the incident underscored the increasing sophistication of cybercriminals and the urgent need for stronger collaboration among law enforcement agencies, the judiciary and members of the public in tackling financial crimes.

The EFCC chairman also called for amendments to Nigeria’s legal framework to accommodate the use of artificial intelligence (AI) in criminal investigations and prosecutions.

According to him, existing evidence laws should be reviewed to recognise AI-generated evidence as technology continues to reshape crime detection and investigation.

Also speaking at the event, former Attorney-General of the Federation and Minister of Justice, Chief Kanu Agabi (SAN), urged anti-corruption agencies to intensify efforts to trace and recover public funds allegedly stolen and stashed in foreign countries.

Agabi stressed the need for sustained collaboration among relevant institutions to strengthen Nigeria’s anti-corruption efforts and improve accountability in public service.

In his remarks, a former President of the Nigerian Bar Association (NBA), Chief Wole Olanipekun (SAN), called for stricter enforcement of the country’s cybercrime laws to curb the growing menace of internet fraud.

Olanipekun said effective implementation of existing laws, alongside stronger institutional cooperation, would help address the increasing threat posed by cybercriminals to individuals and the nation’s financial system.