The Presidency has spent over N23 billion on foreign currency for international trips undertaken by top executive government officials, including President Bola Tinubu, Vice President Kashim Shettima, and the First Lady, Oluremi Tinubu, in 2024.
This figure represents a significant increase from the N18.63 billion recorded in 2023, marking a rise of approximately 23 percent.
According to data provided by GovSpend, a government spending tracker managed by BudgIT, the spike in spending is attributed to the rising frequency and scale of international trips undertaken by the President and State House officials.
The depreciating value of the naira against major global currencies has also contributed to the increased expenditure.
The President’s international engagements accounted for the largest share of the foreign currency expenditure in 2024.
Notably, his trip to Ethiopia in February 2024 cost N1.04 billion, while N1.27 billion was spent on the presidential air fleet’s forex transit funds in March 2024.
The presidential air fleet’s operational and foreign exchange needs in April 2024 alone cost N5.07 billion.
The Vice President’s international travels also contributed significantly to the overall expenditure, with his trips to Switzerland and Côte d’Ivoire in January 2024 costing N426.88 million and N176.77 million, respectively.
The Vice President’s total foreign exchange expenditure in 2024 amounted to almost N750 million.
The First Lady’s trips to France and Mozambique in January and March 2024 cost N149.79 million and N202.39 million, respectively, totaling over N478 million for the year.
The increasing expenditure on foreign currency for international trips has raised concerns over the sustainability of such large allocations, particularly given Nigeria’s current economic challenges, including inflation, exchange rate instability, and economic uncertainty.