The Presidency spent more than ₦23 billion in 2024 on the purchase of foreign currencies to cover the costs of international trips by top government officials, including President Bola Tinubu, Vice President Kashim Shettima, and First Lady Oluremi Tinubu.
This amount represents a significant increase from the ₦18.63 billion spent in 2023 — a rise of approximately 23%, according to data from GovSpend, a public finance tracking platform operated by BudgIT.
The surge in spending is largely driven by the increased frequency and scale of international trips undertaken by the President and other senior State House officials. While these trips are considered crucial for advancing Nigeria’s diplomatic and international relations agenda, they have become significantly more expensive due to the continued depreciation of the naira against major global currencies.
In a year already marked by economic uncertainty and fiscal strain, the cost of sustaining Nigeria’s global diplomatic engagements has risen sharply. The soaring cost of foreign exchange, coupled with volatile exchange rates and broader economic challenges, has added further pressure to the country’s public finances.
The expenditure, distributed across numerous official and diplomatic trips, underscores the growing cost of international travel for Nigeria’s top government officials. In 2024, the largest portion of foreign currency spending was linked to President Bola Tinubu’s international engagements.
Key disbursements include ₦1.04 billion for the President’s trip to Ethiopia in February 2024, and ₦1.27 billion in March 2024 allocated to foreign exchange transit funds for the presidential air fleet. By April, the financial demands of the air fleet continued to mount, with a further ₦5.07 billion spent on its operational and forex requirements, highlighting its role as a significant financial burden on the federal budget.
The expenditure reflects the high costs of maintaining Nigeria’s air fleet, which is responsible for supporting the President’s international travel. The funds are used not just for travel but also for the upkeep and operational readiness of the aircraft.
Meanwhile, Vice President Kashim Shettima’s international travels in 2024 also contributed notably to the overall foreign exchange expenditure. In January alone, ₦426.88 million was spent on his trip to Switzerland, followed by ₦176.77 million for a visit to Côte d’Ivoire.
Over the course of the year, the Vice President’s total foreign exchange spending amounted to nearly ₦750 million, reflecting a steady rise in the cost of his foreign engagements compared to previous years. First Lady Oluremi Tinubu also accounted for a significant share of foreign exchange spending in 2024, underscoring the broader fiscal impact of high-level official travels.
First Lady Oluremi Tinubu incurred notable foreign exchange expenses in 2024, with ₦149.79 million spent on her trip to France in January and an additional ₦202.39 million allocated for her visit to Mozambique in March. Her total foreign exchange spending for the year exceeded ₦478 million.
The Office of the Chief of Staff to the President, which oversees the coordination of the President’s engagements and ensures the smooth execution of official overseas visits, also recorded significant forex-related expenditures.
In 2024, the office spent ₦94.7 million on foreign currency purchases to facilitate various high-level government activities, including diplomatic missions and international conference preparations.
The largest share of the Office of the Chief of Staff’s foreign exchange spending in 2024—₦46.5 million—was allocated to support the President’s trip to the United Kingdom in August 2023.
Another significant allocation of ₦12.7 million was made for preparations related to Nigeria’s participation in the 78th session of the United Nations General Assembly in the United States later that year. Additional foreign exchange purchases totaling ₦5.1 million were also made to cover various logistical needs associated with official trips and events.
The rising expenditure on foreign currency to support government diplomatic engagements highlights the challenges Nigeria faces in managing its forex resources amid persistent inflation, exchange rate volatility, and broader economic uncertainty.
The 2024 spending figures also reflect how the increasing frequency of international trips by senior government officials has driven up foreign exchange allocations. The growing demand for foreign currency to cover travel, accommodation, and related expenses underscores the fiscal pressures tied to maintaining Nigeria’s diplomatic presence abroad.
The depreciation of the naira further exacerbates the situation, as more local currency is now required to obtain the same amount of foreign exchange, intensifying the pressure on government finances.
