The Nigerian Presidency has expended over ₦23 billion on the purchase of foreign currency in 2024 to finance international trips taken by top government officials, including President Bola Tinubu, Vice President Kashim Shettima, and First Lady Oluremi Tinubu .
According to reports from both Punch and BusinessDay, the hefty outlay covered travel-related expenses, underscoring growing concern over the drain on Nigeria’s foreign exchange reserves amid economic pressures
Budget analysts warn that this level of spending could exacerbate fiscal strain, as the nation grapples with inflation and dwindling foreign currency availability. With multinational trips already drawing scrutiny, critics argue such expenditures should be reexamined, especially given the current economic climate
Concerns have been heightened by comparisons to previous years when travel-related forex spending was significantly lower. Between February and July 2024, for instance, only ₦2.3 billion was reportedly spent — a figure dwarfed by the ₦23 billion now revealed .
Opposition figures and civil society groups are calling for greater transparency in the release of presidential travel expenses and urging the government to prioritize forex allocations for essential imports like food and medical supplies over diplomatic missions.
Meanwhile, the Presidency has not provided detailed breakdowns or justifications for the high level of spending. It remains unclear which specific trips or purposes accounted for the bulk of the foreign exchange disbursements.
As Nigeria continues to navigate a fragile economic recovery, the revelations are expected to fuel debate about fiscal responsibility and the management of public funds in government operations.
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