The Nigerian Presidency spent at least ₦34.39 billion on foreign exchange transactions to cover international travel and related expenses between 2024 and 2025, according to data obtained by Punch from GovSpend, a public finance tracker run by BudgIT.
The spending was executed through the State House, the Presidential Air Fleet, the Office of the Chief of Staff, and other units linked to the President, Vice President, First Lady, and their aides.
2024: Heavy Spending Amid Forex Volatility
In 2024, ₦29.35 billion was spent, concentrated mostly in the first half of the year during severe naira volatility. The Presidential Air Fleet was among the top spenders, with multiple multi-billion-naira purchases for aviation-related expenses. Notable transactions included:
- ₦1.27bn (five separate purchases between March and May)
- ₦5.08bn (April 23)
- ₦2.43bn (May 8)
The State House also recorded significant outflows for international trips in February 2024:
- ₦1.04bn – President’s trip to Ethiopia
- ₦750m – President’s trip to Dubai
- ₦426.88m – VP’s trip to Switzerland
- ₦176.77m – VP’s trip to Côte d’Ivoire
- ₦149.79m – First Lady’s trip to France
- ₦86.76m – VP’s trip to Liberia
March 2024 brought further disbursements for official trips, including ₦202.39m for the First Lady’s visit to Mozambique, ₦126.30m for London, and ₦169.54m for VP training programs in the UK and US.
By July 2024, forex purchases surged again, with multiple same-day transactions ranging from ₦243.32m to ₦739.07m. Later in the year, ₦1.36bn was spent on October 28, and ₦736.20m on December 1.
2025: Significant Cutbacks
In 2025, foreign travel spending fell sharply to ₦5.04 billion, an 82.8% year-on-year decline, reflecting improved naira stability and tighter fiscal controls. Transaction sizes were smaller and less frequent, with April payments including ₦535.82m, ₦57.94m, ₦32.51m, and ₦23.67m.
Larger aviation-related purchases were rare, including ₦1.29bn and ₦626m, while August transactions dropped as low as ₦7.67m. By the end of 2025, the naira had appreciated to ₦1,429/$1, a 7.4% gain from ₦1,535/$1 in 2024—the first annual gain since 2012.
Despite the reduction, the Presidential Air Fleet remained a major source of dollar demand, covering maintenance, fuel, leasing, and operations. Other key spenders included the Office of the Chief of Staff and the First Lady’s office, with allocations for estacodes, accommodation, logistics, and protocol.
Calls for Accountability
Odeh Friday, Country Director of Accountability Lab Nigeria, expressed concern over the impact of such spending on public finances.
“This highlights the urgent need for a shift toward greater equality and accountability in the management of public finances. Some of these expenditures are clearly wasteful,” he said.
Peter Obi Criticises January 2026 Trips
Former Labour Party presidential candidate Peter Obi also criticised President Bola Tinubu for spending most of January 2026 abroad. In a post on 𝕏, Obi noted that the President spent 23 days abroad across two trips, questioning the urgency and value of these trips.
“While leaders in other nations prioritise domestic governance in January, Nigeria’s president prioritises international engagements over pressing national issues. When he does return, it often appears to be merely to welcome defectors into the APC before he jets off again,” Obi wrote.
The revelations have intensified calls for greater transparency and scrutiny of foreign travel spending by the Presidency.