The Nigerian Presidency spent more than ₦23 billion on foreign currency purchases for official overseas trips in 2024, according to data compiled from GovSpend, a government expenditure tracking platform operated by BudgIT. This marks a significant increase—around 23%—from the ₦18.63 billion spent in 2023.
The rise in expenditure is attributed to the surge in international travel by top-ranking officials including President Bola Tinubu, Vice President Kashim Shettima, and First Lady Oluremi Tinubu, amid the continued depreciation of the naira against major global currencies.
In 2024, some of the most expensive trips included President Tinubu’s February visit to Ethiopia, which cost ₦1.04 billion, and a March allocation of ₦1.27 billion for foreign exchange tied to the presidential air fleet. A further ₦5.07 billion was earmarked in April to cover operational and forex costs for the fleet.
Vice President Shettima’s travels also incurred substantial costs. His January trips to Switzerland and Côte d’Ivoire cost ₦426.88 million and ₦176.77 million, respectively. In total, his foreign exchange expenditures for the year approached ₦750 million.
The First Lady’s trips added another layer to the forex demand. In January, ₦149.79 million was allocated for her visit to France, followed by ₦202.39 million in March for a trip to Mozambique. Her total foreign currency-related spending exceeded ₦478 million.
The Office of the Chief of Staff to the President also spent ₦94.7 million on forex in 2024, covering expenses related to official trips and international summits. A large portion—₦46.5 million—was dedicated to supporting a presidential visit to the UK. Another ₦12.7 million was used for Nigeria’s participation in the United Nations General Assembly.
Cumulatively, data reviewed by The Punch indicated that the Presidency acquired over $1.27 billion in foreign currency for 13 international travel transactions. The single largest purchase was for President Tinubu’s trip to Dubai, which required $1.271 billion.
Economic analysts have expressed concern over the growing cost of these engagements, especially as Nigeria faces inflation, currency depreciation, and rising fiscal pressure. For context, the cost of a similar presidential trip to Ethiopia in 2023 was ₦136.12 million—far less than the 2024 figure.
Critics argue that while diplomatic engagement is essential, the scale of spending must be reviewed in light of Nigeria’s broader economic challenges, including a weakening naira, underfunded sectors, and persistent calls for fiscal discipline.
As international engagements increase, the challenge for the Nigerian government will be balancing its global diplomatic presence with responsible and transparent fiscal management at home.
