The Presidency spent at least ₦34.39 billion on foreign exchange purchases for international travel and related obligations over a two-year period, according to findings from GovSpend, a government expenditure tracking platform managed by BudgIT.
The data, which cover transactions by the State House, the Presidential Air Fleet, the Office of the Chief of Staff and operations linked to the President, Vice President, First Lady and their aides, reveal a sharp contrast in spending patterns between 2024 and 2025.
An analysis shows that 2024 accounted for the bulk of the expenditure, with total forex purchases of ₦29.35 billion, while 2025 recorded ₦5.04 billion—representing a steep year-on-year decline of 82.8 per cent. The drop aligns with broader foreign exchange market trends, as the naira stabilised in 2025 following policy reforms and improved dollar inflows.
The forex purchases were largely tied to official foreign trips, aviation operations, estacodes, training programmes and logistics for international engagements involving senior government officials.
Although the Presidency has consistently defended such trips as essential for diplomacy, bilateral relations and investment promotion, the scale and timing of the spending have continued to attract public scrutiny, particularly against the backdrop of Nigeria’s fiscal constraints and recurring forex shortages.
In 2024, forex spending was heavily concentrated in the first half of the year, coinciding with heightened exchange rate volatility and sustained pressure on the naira. The Presidential Air Fleet emerged as one of the biggest drivers of expenditure, recording several multi-billion-naira transactions described as “presidential air fleet forex transit funds.”
Managed by the Nigerian Air Force, the Presidential Air Fleet handles air transport for the President, Vice President and other top officials. However, the cost of maintaining the fleet has remained a contentious issue amid rising public debt and mounting fiscal pressures.
Between March and May 2024 alone, the fleet’s naira transit account recorded repeated purchases of about ₦1.27 billion, alongside larger tranches such as ₦5.08 billion on April 23 and ₦2.43 billion on May 8. Additional transfers in July and August—including ₦1.25 billion, ₦2.21 billion and ₦1.24 billion—further inflated the fleet’s forex bill, pushing cumulative aviation-related transactions into several billions of naira by year-end.
Beyond aviation, the State House Headquarters also recorded extensive forex purchases in 2024, many linked directly to specific foreign trips by the President, Vice President and First Lady. In February alone, over ₦2.5 billion was spent on trips to Switzerland, Ethiopia, Dubai, Côte d’Ivoire, France and Liberia. Similar spending patterns continued through March, July, October and December, reinforcing 2024 as one of the most expensive years for official foreign travel in recent times.
By contrast, 2025 marked a significant pullback. Total forex purchases fell to ₦5.04 billion, with transactions generally smaller and more sporadic. April 2025 recorded several purchases in the tens of millions of naira, while even the larger aviation-related transactions—such as ₦1.29 billion and ₦1.28 billion—were fewer and spread across the year.
By the second half of 2025, forex purchases had tapered further, suggesting tighter controls and improved planning around official travel as exchange rate conditions improved.
The naira ended 2025 stronger, closing at ₦1,429/$1 on December 31—a 7.4 per cent appreciation from the ₦1,535/$1 recorded at the end of 2024. This marked the currency’s first annual gain since 2012, after 13 consecutive years of depreciation.
Despite the moderation in spending, aviation-related expenses remained a major driver of forex demand across both years, renewing debate over the size and cost structure of the Presidential Air Fleet. The State House and Office of the Chief of Staff also accounted for notable amounts, largely linked to estacodes, accommodation and logistics for official trips.
Reacting to the data, the Country Director of Accountability Lab Nigeria, Odeh Friday, raised concerns about the impact of such expenditures on taxpayers and called 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 pressing domestic challenges. Obi noted that the President spent 23 days abroad in January, urging greater focus on governance at home.
As debates over cost, necessity and accountability persist, the data have once again brought the issue of official travel spending and forex management under public spotlight.
