Add the oil and butter to the Instant Pot, hit 'Sauté' and 'Adjust' so it’s on the 'More' or 'High' setting. Once the butter’s melted, add in the saffron and allow it to sauté in the butter and oil for 30 seconds.

Next, add in the onions and peppers and sauté for 3 minutes. Then, add the garlic and sauté for another minute.

Now, add in the chicken and chorizo and stir in the pot. Add in the paprika, cumin, parsley flakes and chili powder. Stir constantly for 3 minutes so the chicken sears and also making sure the spices don’t stick to the bottom of the pot.

Add in the white wine and allow everything to simmer in it for a minute. Then, add in the broth, lime juice and can of diced tomatoes. Stir well and allow it to come to a bubble.

Once bubbling, add in the rice but make sure you don’t stir it in – just lightly submerge it under the broth with a mixing spoon.

Secure the lid in sealing mode, hit 'Keep Warm/Cancel' and then hit 'Manual' or 'Pressure Cook' on High Pressure for 10 minutes. Quick release when done.

When the lid comes off, give everything a stir from the bottom up and the excess liquid will become a lush and velvety sauce. Let it set for about 5 minutes and the sauce will thicken significantly as it cools down a bit.

Place in a serving dish and enjoy with some fixins’ such as sour cream, salsa or guacamole and refried beans!