Presidency Splashes ₦34.39B On Forex For International Travel In Just 2 Years

According to reports, the Presidency expended approximately ₦34.39 billion on foreign exchange for international travel and related obligations between 2024 and 2025. Data obtained from GovSpend, a public finance tracker operated by BudgIT, indicates that the spending was carried out through the State House, the Presidential Air Fleet, the Office of the Chief of Staff, and other units linked to the President, Vice President, First Lady, and their aides.

A breakdown of the figures revealed that ₦29.35 billion was spent in 2024, while 2025 recorded a significantly lower amount of ₦5.04 billion, representing an 82.8 percent year-on-year decline. Analysts attribute the drop to a relative stabilisation of the naira following key foreign exchange reforms and increased dollar inflows.

The majority of the 2024 foreign exchange outflows occurred in the first half of the year, coinciding with periods of severe exchange rate volatility. The Presidential Air Fleet was among the top spenders, executing multiple multi-billion-naira transactions described as “presidential air fleet forex transit funds.” Notably, between March and May 2024, the fleet conducted repeated purchases totaling ₦1.27 billion on five occasions, with larger tranches of ₦5.08 billion and ₦2.43 billion recorded in April and May, respectively. Additional payments continued throughout the year, ranging from hundreds of millions to billions of naira.

The State House also reported substantial forex disbursements for official trips. In February 2024 alone, over ₦2.5 billion was spent, covering international trips for the President, Vice President, and First Lady to destinations including Ethiopia, Dubai, Switzerland, Côte d’Ivoire, France, and Liberia. March and July 2024 also saw significant outflows, including payments for estacodes, logistics, and protocol.

In contrast, 2025 witnessed a sharp reduction in foreign exchange spending, with smaller and less frequent transactions. The naira ended the year at ₦1,429 to the dollar, reflecting a 7.4 percent appreciation compared with ₦1,535/$1 at the end of 2024. Experts attribute this improvement to forex reforms and tighter government spending controls.

Despite the decline, the Presidential Air Fleet remained a major source of foreign exchange demand, particularly for maintenance, fuel, leasing, and operational costs. Other offices, including the Office of the Chief of Staff and the First Lady’s office, continued to incur expenses for official duties abroad.

Calls for accountability have intensified. The Country Director of Accountability Lab Nigeria, Odeh Friday, expressed concern over the financial implications of such spending, highlighting the need for greater transparency and assessment of expenditure necessity.

Former presidential candidate Peter Obi also criticised the frequency of President Bola Tinubu’s foreign trips, noting that in January 2026, the President spent 23 days abroad on two separate trips. Obi questioned the urgency of these travels, suggesting that they may divert attention from domestic governance priorities.