The Nigerian Presidency spent over N23 billion in 2024 on the purchase of foreign exchange to fund international trips by top government officials, including President Bola Tinubu, Vice President Kashim Shettima, and First Lady Oluremi Tinubu.
This figure represents a 23 per cent increase from the N18.63 billion expended in 2023, according to data obtained from GovSpend, a public finance monitoring platform managed by BudgIT.
The surge in spending coincides with the rising frequency of official overseas engagements and the continued depreciation of the naira, which has driven up the cost of foreign exchange required for travel, accommodation, and diplomatic logistics.
Costly Engagements and a Strained Economy
Despite the prevailing economic hardship in the country, expenditures related to Nigeria’s diplomatic representation abroad have soared. In February 2024, the Presidency spent N1.04 billion on President Tinubu’s visit to Ethiopia, followed by N1.27 billion in March for the Presidential Air Fleet’s forex requirements. By April, an additional N5.07 billion was earmarked for the fleet’s operational and forex costs, underlining the financial burden of maintaining the President’s aircraft.
Vice President Shettima’s international engagements were also significant. His January 2024 trip to Switzerland was funded with N426.88 million, while his visit to Côte d’Ivoire in the same month cost N176.77 million. The Vice President’s total forex-related travel spending in 2024 reached nearly N750 million.
First Lady Oluremi Tinubu’s travels further added to the expenditure. She undertook a trip to France in January at a cost of N149.79 million, and in March, N202.39 million was spent on her visit to Mozambique, bringing her total travel-related forex spending in 2024 to over N478 million.
The Office of the Chief of Staff to the President also played a substantial role in forex spending. It expended N94.7 million on foreign currency purchases in 2024, with N46.5 million allocated for President Tinubu’s August trip to the United Kingdom and N12.7 million for Nigeria’s participation at the 78th United Nations General Assembly in New York.
Dollar Transactions and Hidden Costs
Further analysis by The PUNCH revealed that the Presidency procured over $1.274 billion for 13 disclosed forex transactions related to foreign trips in 2024. The highest single transaction was for President Tinubu’s trip to Dubai, costing $1.271 billion.
Other transactions included:
$692,265 for the President’s trip to Ethiopia,
$483,277 for the Vice President’s Switzerland visit,
$152,831 for the First Lady’s trip to France,
$126,834 for her trip to Mozambique,
$93,004 and $117,524 for the Vice President’s trips to Liberia and Côte d’Ivoire respectively.
Additional forex allocations included $100,000 for the President’s UK trip and $79,740 for the UNGA preparations. Analysts note that the actual expenditure may be much higher, as the dollar values for 30 out of 43 recorded transactions were not disclosed.
Air Travel Expenses Soar by 344%
The Presidency’s air travel expenses witnessed a staggering 344 per cent increase in 2024, climbing to N7.83 billion from N1.77 billion in 2023. Data from GovSpend show that these funds were largely channelled through major travel agencies.
Hinterland Travel & Tours Ltd received the bulk of the contracts, with payments of N158.59 million, N167.99 million, and N164.28 million in March 2024 alone. Travel Options Ltd was paid N12.84 million and N53.21 million, while Overland Travels and Tours Ltd received N23.30 million for local and international tickets in July.
Other notable expenditures include N5.35 million for a government official’s trip to Casablanca, Morocco, to attend a seminar on e-procurement.
Rising Criticism and Calls for Accountability
The rising costs have sparked public outcry and concerns about fiscal prudence. The Socio-Economic Rights and Accountability Project (SERAP) criticised the scale of estacode spending by Ministries, Departments and Agencies (MDAs), describing it as potentially reckless.
In an interview with The PUNCH, SERAP’s Deputy Director, Kolawole Oluwadare, questioned the government’s spending priorities:
“It’s troubling that capital expenditure performance is around 25 per cent, while recurrent expenditure is at 100 per cent. This reflects a mismatch between government rhetoric and reality.”
Also reacting, Odeh Friday, Country Director of Accountability Lab Nigeria, stressed the need for transparency.
“This highlights the urgent need for a shift toward greater equality and accountability in the management of public finances,” he said.
“We must ask: Do these trips truly serve the interest of Nigerians, or are they another example of wasteful expenditure?”
