The Presidency of Nigeria spent more than ₦23 billion in 2024 on foreign currency purchases to fund international trips for top government officials, including President Bola Tinubu, Vice President Kashim Shettima, and First Lady Oluremi Tinubu, according to data from GovSpend, a government spending tracker by BudgIT.
This marks a 23% increase from the ₦18.63 billion spent in 2023, underscoring the rising financial burden of official foreign engagements compounded by a sharply depreciating naira and ongoing economic challenges.
As Nigeria grapples with inflation, exchange rate instability, and a growing debt burden, the cost of maintaining a global diplomatic presence has surged. The increasing frequency and scale of international trips by the country’s executive leaders are a key driver of this spending spike.
Major Allocations: Ethiopia, UAE, Switzerland Among Top Destinations
The President’s international travel accounted for the largest portion of the spending. Notable allocations include:
- ₦1.04 billion for a February 2024 trip to Ethiopia
- ₦1.27 billion in March for forex transit funds for the Presidential Air Fleet
- ₦5.07 billion in April for fleet operations and foreign exchange
Meanwhile, the Vice President’s travels also made up a significant portion:
- ₦426.88 million for a January 2024 trip to Switzerland
- ₦176.77 million for a trip to Côte d’Ivoire in the same month
In total, VP Shettima’s 2024 foreign travel expenses exceeded ₦750 million.
The First Lady, Oluremi Tinubu, also featured prominently:
- ₦149.79 million for a January trip to France
- ₦202.39 million for a March visit to Mozambique
Her total foreign travel cost in 2024 exceeded ₦478 million.
Chief of Staff, UNGA Participation Also Add to Bill
The Office of the Chief of Staff to the President spent over ₦94.7 million on foreign currency purchases. This included:
- ₦46.5 million for the President’s UK trip in August 2023
- ₦12.7 million for Nigeria’s participation in the 78th UN General Assembly
- An additional ₦5.1 million for various logistical and diplomatic preparations
Forex Transactions Reveal Scale of Spending
Analysis revealed that the Presidency purchased over $1.274 billion worth of foreign currency in 2024 across 13 disclosed forex-related transactions. The largest single purchase a staggering $1.271 billion was made for President Tinubu’s trip to Dubai.
Other notable transactions included:
- $692,265 for Ethiopia
- $483,277 for the Vice President’s trip to Switzerland
- $152,831 for the First Lady’s trip to France
- $126,834 and $96,118 for her trips to Mozambique and Ethiopia, respectively
Additionally, $1.13 million was spent on estacodes for training programs in the UK and USA, and $79,740 for Nigeria’s UNGA participation.
With 43 forex transactions recorded in total and only 13 publicly priced, the actual expenditure may be significantly higher.
Air Travel Expenses Skyrocket by 344%
The State House also recorded a 344% increase in air travel expenses in 2024. According to GovSpend, air ticket spending for local and international trips reached ₦7.83 billion, up from ₦1.77 billion in 2023.
Key beneficiaries of these contracts include:
- Hinterland Travel & Tours Limited, which received over ₦490 million across multiple contracts
- Travel Options Ltd, paid ₦66 million for air tickets in March
- Overland Travels & Tours Ltd, which got ₦23.3 million in July
Spending also covered educational travel, including ₦5.35 million for a government official’s five-day e-procurement seminar in Casablanca, Morocco.
Public Outcry and Calls for Accountability
The Socio-Economic Rights and Accountability Project (SERAP) condemned the sharp rise in foreign travel spending, citing a troubling mismatch between the government’s stated priorities and its actual fiscal behaviour.
“Recurrent expenditure is at 100% performance while capital expenditure is only around 25%. This shows where the government’s priorities really lie,” said Kolawole Oluwadare, SERAP’s Deputy Director.
He warned that Nigerians are bearing the brunt of misplaced spending priorities, particularly when capital projects that could drive growth are underfunded.
Similarly, Odeh Friday, Country Director of Accountability Lab Nigeria, criticized the opacity around travel spending.
“This highlights the urgent need for transparency and accountability in the management of public funds. Citizens deserve to know whether these trips yield measurable benefits,” he said.
A Growing Concern Amid Economic Pressures
As Nigeria navigates a fragile economic recovery, the sustainability of skyrocketing travel expenditures is under increasing scrutiny. While proponents argue that global engagement is vital for diplomacy and investment, critics question whether the returns justify the scale of the outlay especially with pressing domestic challenges and limited fiscal space.
