Presidency Forex Expenditure: N34.39 Billion Spent on International Travels Over Two Years
A comprehensive analysis of government spending data has uncovered that the Nigerian Presidency allocated a substantial sum of N34.39 billion towards foreign exchange purchases for international travels and related official obligations during the years 2024 and 2025. This revelation comes from meticulous scrutiny of records obtained from GovSpend, a government expenditure tracking platform managed by BudgIT, and compiled by The PUNCH newspaper.
Breakdown of Forex Spending Across Key Periods
The data indicates a significant disparity in expenditure between the two years, with 2024 accounting for the bulk of the spending at N29.35 billion, while 2025 saw a sharp reduction to N5.04 billion. This represents a remarkable year-on-year decline of 82.8 percent, a trend that financial analysts attribute to the implementation of tighter fiscal controls and the relative stabilisation of the naira following foreign exchange reforms.
Forex purchases were primarily linked to official foreign trips, aviation operations, estacodes, training programmes, and logistics for international engagements involving top government officials, including the President, Vice President, First Lady, and their aides.
Presidential Air Fleet Emerges as Major Forex Consumer
One of the most striking findings from the report is the dominant role played by the Presidential Air Fleet in driving forex demand. Managed by the Nigerian Air Force, the fleet handles air transport for the President, Vice President, and other senior officials, and it recorded several multi-billion-naira transactions in 2024.
Between March and May 2024, the Presidential Air Fleet Naira Transit Account executed repeated forex purchases of approximately N1.27 billion each on multiple dates, including March 7, March 9, April 6, May 11, and May 25. Larger tranches were also observed, such as N5.08 billion on April 23 and N2.43 billion on May 8.
Additional aviation-related payments followed in July and August, with amounts including N205 million, N34 million, N1.25 billion, N2.21 billion, N160.4 million, N1.24 billion, and N902.9 million, further escalating the air fleet's forex bill. Smaller transactions continued through September and December, cumulatively pushing the fleet's forex-linked expenses for 2024 into several billions of naira.
State House, Vice President, and First Lady Trips Contribute to Costs
Beyond aviation, the State House Headquarters also recorded extensive forex purchases directly tied to specific foreign trips. In February 2024 alone, over N2.5 billion was spent on forex for trips involving the President, Vice President, and First Lady.
Notable expenditures included N426.88 million for the Vice President's trip to Switzerland, N1.04 billion for President Tinubu's trip to Ethiopia, N750 million for the President's trip to Dubai, N176.77 million for the Vice President's trip to Côte d'Ivoire, N149.79 million for the First Lady's trip to France, and N86.76 million for the Vice President's trip to Liberia.
In March 2024, further spending was documented for the First Lady's trips to Mozambique, Addis Ababa, and London, while the Vice President's engagements in Côte d'Ivoire and training programmes in the UK and US also attracted forex purchases running into hundreds of millions of naira.
Intensified Spending in Mid-2024 and Subsequent Decline
From July 2024, forex purchases intensified, with multiple same-day transactions recorded on July 17, including N149.05 million, N358.53 million, N243.32 million, N739.07 million, and N73.07 million. Additional payments followed in August and October, with a notable N1.36 billion transaction recorded on October 28. By November and December, spending remained elevated, with several transactions by State House Operations, pushing total forex purchases linked to the Presidency in 2024 to N29.35 billion.
In stark contrast, 2025 marked a significant reduction in forex spending, with total purchases falling to N5.04 billion. The cutback affected the Presidency, Vice Presidency, and supporting offices, with transactions generally smaller and more widely spread. April 2025 transactions included amounts such as N535.82 million, N57.94 million, N32.51 million, and N23.67 million, while even the larger figures—N1.29 billion, N1.28 billion, and N626 million linked to the Presidential Air Fleet—were fewer.
By the second half of the year, forex purchases tapered further, with some transactions in August falling below N12 million. Analysts suggest this pattern indicates tighter controls, improved planning, and reduced pressure on the naira.
Public Criticism and Reactions to the Spending
Despite the decline in spending, concerns persist over the impact of such expenditures on public finances, particularly amid Nigeria's fiscal challenges and forex shortages. The Presidency has consistently defended foreign travels as necessary for diplomacy, investment promotion, and bilateral relations, but the scale of the spending continues to attract public attention.
Country Director of Accountability Lab Nigeria, Odeh Friday, warned that the scale of forex spending highlights the urgent need for greater accountability in the management of public finances, describing some expenditures as clearly wasteful. Meanwhile, political figures like Peter Obi have criticised President Tinubu's prioritisation of international trips over pressing domestic issues such as insecurity and food shortages.
Data from the Central Bank of Nigeria showed that the naira closed 2025 at N1,429/$1, representing a 7.4 percent appreciation from N1,535/$1 at the end of 2024. The naira had depreciated by 40.9 percent in 2024, making the 2025 performance its first annual gain since 2012, which analysts link to the foreign exchange reforms and improved dollar inflows.
