The Nigerian Presidency spent over ₦23 billion 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.
GovSpend, a government spending tracker that BudgIT manages, compiled this figure, which shows a significant increase from the ₦18.63bn recorded in 2023 – a rise of approximately 23%.
The President and State House officials have undertaken more frequent and larger-scale international trips, causing the spending spike. Officials say these trips are vital for Nigeria’s diplomatic engagements and international relations, but they cost increasingly more as the naira depreciates against major global currencies.
Economic challenges marked the year, and as a result, the cost of maintaining the country’s diplomatic presence globally has risen sharply. Rising foreign exchange costs, volatile exchange rates, and Nigeria’s economic situation have pressured government finances.
Presidential travel expenses
The expenditure across various official and diplomatic trips shows the escalating cost of international travel for Nigeria’s top government officials. The President’s international engagements accounted for the largest share of the foreign currency expenditure in 2024.
Major spending includes ₦1.04bn for the President’s trip to Ethiopia in February 2024. The government then spent ₦1.27bn in March 2024 for the presidential air fleet’s forex transit funds. The President’s air fleet continues draining finances heavily, with ₦5.07bn going to its operational and foreign exchange needs in April 2024.
This expenditure shows the high costs of maintaining Nigeria’s air fleet, which supports the President’s international travel. The government uses the funds not just for travel but also for aircraft upkeep and operational readiness.
Vice President and First Lady’s Costs
In 2024, the Vice President’s international travels significantly impacted foreign exchange expenditures, totaling nearly ₦750m. This included ₦426.88m for a trip to Switzerland and ₦176.77m for Côte d’Ivoire in January alone.
The First Lady also contributed to foreign exchange spending, with ₦149.79m spent on her January trip to France and ₦202.39m for Mozambique in March, bringing her total to over ₦478m for the year.
Chief of Staff’s Office Spending
The Office of the Chief of Staff, which coordinates the President’s engagements, spent ₦94.7m on foreign exchange for official functions in 2024. This included ₦46.5m for the President’s trip to the UK in August 2023 and ₦12.7m for Nigeria’s participation in the 78th UN General Assembly. An additional ₦5.1m was allocated for other logistical needs related to official events.
BusinessDay