The Presidency expended more than ₦23 billion in 2024 on foreign currency purchases to fund international trips by top government officials, including President Bola Tinubu, Vice President Kashim Shettima, and First Lady Oluremi Tinubu.
This marks a sharp increase from the ₦18.63 billion spent in 2023—a 23% rise—according to data from GovSpend, a public finance tracking platform by BudgIT. The surge is attributed to the heightened frequency and scale of international engagements by the President and other senior State House officials.
While these trips are deemed vital for Nigeria’s diplomatic relations, their costs have escalated due to the naira’s persistent depreciation against major global currencies.
Amid economic uncertainty and fiscal strain, Nigeria’s diplomatic expenditures have climbed significantly. The rising cost of foreign exchange, coupled with volatile exchange rates and broader financial challenges, has intensified pressure on public finances.
A substantial portion of the 2024 forex spending was linked to President Tinubu’s international engagements. Key disbursements included ₦1.04 billion for his trip to Ethiopia in February and ₦1.27 billion in March for foreign exchange transit funds for the presidential air fleet. By April, an additional ₦5.07 billion was spent on the fleet’s operational and forex needs, underscoring its heavy burden on the federal budget.
Vice President Shettima’s travels also contributed significantly, with ₦426.88 million spent on a January trip to Switzerland and ₦176.77 million for a visit to Côte d’Ivoire. His total forex expenditure for the year neared ₦750 million, reflecting rising costs compared to previous years.
First Lady Oluremi Tinubu’s trips accounted for a notable share, including ₦149.79 million for a January visit to France and ₦202.39 million for a March trip to Mozambique. Her total forex spending exceeded ₦478 million in 2024.
The Office of the Chief of Staff to the President, which coordinates high-level diplomatic activities, also recorded substantial forex expenses. In 2024, ₦94.7 million was spent on foreign currency purchases, including ₦46.5 million for the President’s August 2023 UK trip and ₦12.7 million for Nigeria’s participation in the 78th UN General Assembly in the U.S.
