Presidency Spends N34bn on Forex For Travels in Two Years

The Presidency spent no less than N34.39bn on foreign exchange purchases for international travels and related official obligations between 2024 and 2025, findings from a review of public spending records have shown.

As reported by PUNCH, data obtained from GovSpend, a public expenditure tracking platform managed by BudgIT, indicate that the transactions were carried out by 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.

The records show a sharp contrast in spending patterns across the two years, with 2024 accounting for the bulk of the expenditure. 

Forex purchases in that year stood at N29.35bn, while 2025 recorded N5.04bn, representing a year-on-year decline of about 83 per cent.

The transactions covered foreign currencies purchased for official trips, aviation operations, estacodes, training programmes and logistics for international engagements involving top government officials. 

Although the Presidency has defended foreign travels as necessary for diplomacy and investment drive, the scale of the spending has continued to attract public attention amid fiscal pressures.

In 2024, forex purchases were heavily concentrated in the first half of the year, a period marked by sharp volatility in the foreign exchange market and sustained pressure on the naira. 

The Presidential Air Fleet emerged as one of the largest drivers of the spending, recording several multi-billion-naira transactions tagged as forex transit funds.

Between March and May 2024, the Presidential Air Fleet Naira Transit Account recorded repeated purchases of about N1.27bn on multiple dates, alongside larger sums such as N5.08bn in April and N2.43bn in May. 

Further transactions running into billions of naira were also recorded between July and December.

Beyond aviation costs, the State House Headquarters recorded extensive forex purchases tied directly to foreign trips by the President, Vice President and First Lady. 

In February 2024 alone, over N2.5bn was spent on trips to Switzerland, Ethiopia, Dubai, Côte d’Ivoire, France and Liberia.

Spending remained elevated through the rest of the year, with multiple forex purchases recorded in March, July, August, October, November and December. By the end of 2024, cumulative forex transactions linked to the Presidency had reached N29.35bn, making it one of the most expensive years for official foreign travel in recent times.

In contrast, 2025 witnessed a significant pullback. Total forex purchases fell to N5.04bn, with transactions becoming smaller and less frequent. Most payments were in tens of millions of naira, suggesting tighter controls on forex outflows.

Even though the Presidential Air Fleet still recorded some large transactions in mid-2025, including sums above N1bn, they were fewer and spread over several months. 

By the second half of the year, forex purchases had tapered further, with only modest payments recorded by the State House and the Office of the Chief of Staff.

The reduction in spending coincided with improved stability in the foreign exchange market. The naira ended 2025 at N1,429 to the dollar, appreciating by 7.4 per cent from its position at the end of 2024, according to official Central Bank of Nigeria data.

Despite the decline, aviation-related expenses remained a major source of forex demand, renewing debate over the size and cost of maintaining the Presidential Air Fleet at a time of rising public debt and economic strain.

Reacting to the trend, the Country Director of Accountability Lab Nigeria, Odeh Friday, expressed concern over the burden of such spending on taxpayers, stressing the need for stronger transparency and accountability in public finance management.

Former Labour Party presidential candidate, Peter Obi, has also criticised President Bola Tinubu’s frequent foreign trips, questioning their necessity amid domestic challenges. 

Obi recently noted that the President spent 23 days abroad in January, arguing that national governance should take priority at a critical time for the country.