The Presidency spent no less than N34.39 billion on foreign exchange purchases for international travel and related official obligations over a two-year period, according to findings by The PUNCH.
The data, sourced from GovSpend, a government expenditure tracker managed by BudgIT, covers transactions by the State House, Presidential Air Fleet, Office of the Chief of Staff, and activities linked to the President, Vice President, First Lady, and their aides.
Analysis shows that 2024 accounted for the bulk of the spending, with forex purchases totalling N29.35bn, while 2025 recorded N5.04bn, representing an 82.8 percent year-on-year decline. The sharp drop aligns with the stabilisation of the naira following foreign exchange reforms and improved dollar inflows.
Most of the transactions were linked to official foreign trips, aviation operations, estacodes, training programmes, and logistics for international engagements involving top government officials. While the Presidency has defended the trips as necessary for diplomacy and investment promotion, the scale of spending has continued to attract public scrutiny amid Nigeria’s fiscal challenges and forex scarcity.
In 2024, spending was heavily concentrated in the first half of the year, a period marked by intense exchange-rate volatility. The Presidential Air Fleet emerged as one of the biggest spenders, recording multiple multi-billion-naira transactions described as “presidential air fleet forex transit funds.”
Between March and May 2024 alone, repeated forex purchases of about N1.27bn were recorded on several dates, alongside larger single transactions such as N5.08bn and N2.43bn, highlighting the high cost of overseas presidential air operations. Additional aviation-related payments throughout the year pushed the air fleet’s forex bill into several billions of naira.
Beyond aviation, the State House Headquarters also recorded extensive forex spending tied directly to trips by the President, Vice President, and First Lady. In February 2024, over N2.5bn was spent on forex for trips to countries including Switzerland, Ethiopia, Dubai, Côte d’Ivoire, France, and Liberia. Further transactions followed in March, July, August, October, November, and December, keeping spending elevated throughout the year.
By the end of 2024, cumulative forex purchases linked to the Presidency stood at N29.35bn, making it one of the most expensive years for official foreign travel in recent times.
In contrast, 2025 saw a significant pullback, with total spending dropping to N5.04bn. Transactions during the year were generally smaller and more sporadic, suggesting tighter controls and improved planning. Although the Presidential Air Fleet still recorded some large payments, they were fewer and spread across several months.
By the second half of 2025, forex purchases had tapered sharply, coinciding with a stronger naira. Official data from the Central Bank of Nigeria showed the naira closed 2025 at N1,429/$, a 7.4 percent appreciation from the end of 2024 — marking its first annual gain since 2012.
Despite the reduction, aviation-related expenses remained a major driver of forex demand, renewing debate over the size and cost of maintaining the Presidential Air Fleet amid Nigeria’s rising debt and fiscal pressures.
Accountability advocates have raised concerns about the impact of such spending on taxpayers. Odeh Friday, Country Director of Accountability Lab Nigeria, called for greater transparency and questioned whether the expenditures truly serve the public interest, describing some as “clearly wasteful.”
The spending has also drawn political criticism. Former Labour Party presidential candidate Peter Obi recently questioned President Bola Tinubu’s frequent foreign trips, noting that the President spent 23 days abroad in January alone, and arguing that such travel priorities contrast sharply with Nigeria’s pressing domestic challenges.
