by, springsnewsng media limited June 5,2025

The Nigerian Presidency spent over ₦23 billion worth of foreign exchange in 2024 to finance 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 public spending tracker managed by BudgIT.

This figure marks a 23% increase from the ₦18.63 billion spent in 2023, highlighting the rising cost of international travel amid Nigeria’s ongoing economic challenges and the depreciating value of the naira.

Government officials argue that the increased travel is necessary for strengthening diplomatic ties, attracting foreign investment, and engaging in global policy discussions. However, critics point to the ballooning forex expenditure as a strain on public finances during a time of economic volatility.

Breakdown of Presidential Travel Expenses

The presidency’s international travels accounted for the largest share of the 2024 forex spend. Some notable expenditures include:

• ₦1.04 billion for President Tinubu’s trip to Ethiopia in February 2024
• ₦1.27 billion in March 2024 for forex allocations to the Presidential Air Fleet
• ₦5.07 billion in April 2024 for ongoing maintenance and operations of the air fleet

The cost of maintaining Nigeria’s Presidential Air Fleet remains a major burden on public resources, with foreign exchange demands rising in line with maintenance and travel operations.

Vice President and First Lady’s International Travel Costs

Vice President Shettima’s international engagements also contributed significantly to the forex outlay. In January 2024 alone:

• ₦426.88 million was spent on his trip to Switzerland
• ₦176.77 million was spent on his visit to Côte d’Ivoire

In total, the Vice President’s foreign travels in 2024 cost nearly ₦750 million, reflecting an increase from previous years.

The First Lady, Senator Oluremi Tinubu, also made several international trips funded through government forex allocations:

• ₦149.79 million for her France trip in January 2024
• ₦202.39 million for a diplomatic visit to Mozambique in March

Her foreign trips accounted for over ₦478 million in 2024.

Office of the Chief of Staff to the President Also Spent Millions on Travel

The Office of the Chief of Staff to the President, which oversees logistical and diplomatic coordination for international engagements, spent ₦94.7 million on forex purchases in 2024.

Key expenses include:

• ₦46.5 million allocated for President Tinubu’s UK visit in August 2023
• ₦12.7 million used for preparations for Nigeria’s participation at the 78th United Nations General Assembly (UNGA)
• Additional ₦5.1 million for logistical and operational costs tied to official events abroad

Rising Forex Costs Fuel Budget Concerns

The growing cost of foreign exchange, coupled with Nigeria’s fluctuating exchange rates and inflation, has raised concerns over the sustainability of funding high-level international travel through public coffers.

Analysts say the trend underscores the urgent need for greater transparency and fiscal discipline, especially as millions of Nigerians grapple with economic hardship at home.