What Nigeria’s Presidency Spent To Purchase Forex, Travel In 2024
The Presidency spent over N23bn in 2024 to purchase foreign currencies for the international trips of top executive government officials, including President Bola Tinubu, Vice President Kashim Shettima, and the First Lady, Oluremi Tinubu, according to The Punch.
This figure, compiled from data provided by GovSpend, a government spending tracker managed by BudgIT, reflects a significant increase from the N18.63bn recorded in 2023, showing a rise of approximately 23%.
The spike in spending comes as a result of the rising frequency and scale of international trips undertaken by the President and State House officials. These trips, which are said to be vital for Nigeria’s diplomatic engagements and international relations, are becoming increasingly costly due to the depreciating value of the naira against major global currencies.
In a year marked by economic challenges, the cost of maintaining the country’s diplomatic presence globally has seen a sharp increase. The rising cost of foreign exchange, compounded by the volatile exchange rates and Nigeria’s economic situation, has placed additional pressure on government finances.
The expenditure, spread across various official and diplomatic trips, demonstrates the escalating cost of international travel for Nigeria’s top government officials. For the President, the largest share of the foreign currency expenditure in 2024 was attributed to his international engagements.
Major spending includes N1.04bn for the President’s trip to Ethiopia in February 2024. This was followed by a N1.27bn expenditure in March 2024 for the presidential air fleet’s forex transit funds. The President’s air fleet continues to be a major financial drain, with N5.07bn allocated for its operational and foreign exchange needs in April 2024.
This expenditure reflects the high costs of maintaining Nigeria’s air fleet, which is responsible for supporting the President’s international travel. The funds are used not just for travel but also for the upkeep and operational readiness of the aircraft.
Meanwhile, the Vice President’s international travels in 2024 also contributed significantly to the overall foreign exchange expenditure. In January 2024, the Vice President’s trip to Switzerland was funded with N426.88m, while another N176.77m was spent on his trip to Côte d’Ivoire the same month.
The Vice President’s total foreign exchange expenditure in 2024 amounted to almost N750m, demonstrating a steady increase in the costs of his foreign engagements compared to previous years. The First Lady also accounted for a significant portion of the foreign exchange spending in 2024.
About N149.79m was spent on her trip to France in January 2024, and N202.39m was allocated for her trip to Mozambique in March. The First Lady’s total foreign exchange expenditure for 2024 was over N478m.
The Office of the Chief of Staff, tasked with coordinating the President’s engagements and ensuring smooth operations during official visits abroad, plays a critical role in managing a number of foreign exchange expenditures.
In 2024, the Office of the Chief of Staff to the President spent a total of N94.7m on foreign exchange purchases to facilitate various official functions. The expenditure covered a range of high-level government activities, including diplomatic engagements and preparations for international conferences.
The largest portion of this spending under the Office of the Chief of Staff to the President, N46.5m, was allocated for foreign exchange to support the President’s trip to the United Kingdom in August 2023.
Another notable allocation of N12.7m was made for preparations for Nigeria’s participation in the 78th session of the United Nations General Assembly in the United States, which took place later in the year. Additional foreign exchange purchases amounting to N5.1m were made to cover other logistical requirements tied to official trips and events.
