The Nigerian Presidency spent over N23 billion in 2024 on the purchase of foreign currencies to finance international trips by top executive government officials, including President Bola Tinubu, Vice President Kashim Shettima, and First Lady Oluremi Tinubu, according to new data from GovSpend, a government expenditure tracking platform managed by civic tech group BudgIT.
The figure marks a 23% increase from the N18.63 billion recorded in 2023, amid mounting economic challenges and a steep depreciation of the naira against major global currencies.
Diplomatic Travel and Rising Costs
The spike in foreign exchange spending is attributed to an uptick in high-level international travel and engagements by the Presidency. Government officials justify the spending as essential for diplomatic relations and global outreach, even as the economic strain deepens at home.
Officials say the increase is due to more frequent and large-scale trips by the President and other senior officials, coupled with the volatile exchange rate environment that continues to inflate the cost of maintaining Nigeria’s diplomatic presence abroad.
Breakdown of Key Expenses
According to the GovSpend data, President Tinubu’s engagements accounted for the largest share of foreign currency-related travel expenses. Notable expenditures include:
- N1.04 billion for the President’s trip to Ethiopia in February 2024
- N1.27 billion in March 2024 for presidential air fleet forex needs
- N5.07 billion in April 2024 for operations and forex costs linked to the presidential air fleet
The air fleet, a major component of the Presidency’s travel apparatus, continues to place a significant financial burden on the federal budget, with operational maintenance and international readiness accounting for bulk expenses.
Vice President and First Lady’s Travels
Vice President Shettima’s foreign travels also drove up forex spending, with nearly N750 million spent in 2024 alone:
- N426.88 million for a trip to Switzerland in January 2024
- N176.77 million for a trip to Côte d’Ivoire during the same month
First Lady Oluremi Tinubu’s international engagements contributed an additional N478 million in forex purchases:
- N149.79 million for a visit to France in January 2024
- N202.39 million for a diplomatic visit to Mozambique in March 2024
Spending from Chief of Staff’s Office
The Office of the Chief of Staff to the President, which plays a coordination role in foreign visits and diplomatic activities, spent N94.7 million on forex in 2024.
Significant allocations included:
- N46.5 million for President Tinubu’s August 2023 visit to the United Kingdom
- N12.7 million for Nigeria’s participation in the 78th United Nations General Assembly
- Smaller allocations, including N5.1 million, were made to cover logistics and event preparations
Fiscal Concerns Amid National Strain
While the Presidency continues to defend its international outreach, the rising cost of foreign trips—amid economic hardship and a weakening currency—has sparked criticism from economic analysts and civil society actors who argue for greater fiscal discipline.
With foreign exchange volatility and inflation continuing to shape Nigeria’s financial outlook, the government is likely to face increased pressure to justify international travel budgets and prioritize cost-effective diplomacy.
The data from GovSpend is part of BudgIT’s broader push to increase transparency and accountability in government expenditure, especially during times of economic austerity.
