Findings have shown that the Presidency spent no less than N34.39bn on foreign exchange purchases for international travel and related obligations within a two-year period.
The data, obtained from GovSpend, a government spending tracker managed by BudgIT, covered transactions linked to the State House, the Presidential Air Fleet, the Office of the Chief of Staff, and operations involving the President, Vice President, First Lady and their aides.
Records indicated a sharp contrast in spending between 2024 and 2025. In 2024, forex purchases amounted to N29.35bn, while 2025 recorded N5.04bn. This reflected an 82.8 per cent year-on-year decline, which corresponded with improved conditions in the foreign exchange market and increased dollar inflows that supported naira stability.
The transactions were tied to official foreign trips, aviation operations, estacodes, training programmes and logistics connected to international engagements by top government officials.
Although the Presidency has consistently stated that such travels are important for diplomacy, investment promotion and bilateral relations, the volume and timing of the spending have continued to attract public attention amid fiscal pressures and forex scarcity in the country.
Data showed that forex purchases in 2024 were largely concentrated in the first half of the year, a period marked by intense exchange rate volatility and pressure on the naira.
The Presidential Air Fleet emerged as one of the largest spenders during the year. Several multi-billion-naira transactions were recorded under descriptions such as “presidential air fleet forex transit funds.”
The fleet, which is managed by the Nigerian Air Force, handles air transport for the President, Vice President and other senior officials. Its operational costs have remained a subject of public debate, particularly in the face of rising debt servicing and limited public resources.
Between March and May 2024, the Presidential Air Fleet Naira Transit Account recorded repeated forex purchases of about N1.27bn each on March 7, March 9, April 6, May 11 and May 25. Larger payments included N5.08bn on April 23 and N2.43bn on May 8.
Further aviation-related transfers followed, including N205m in July, as well as N34m, N1.25bn, N2.21bn, N160.4m, N1.24bn and N902.9m in August. Smaller transactions in September and December added to the cumulative cost, which ran into several billions of naira by the end of the year.
Apart from aviation, the State House Headquarters also recorded extensive forex purchases throughout 2024. In February alone, more than N2.5bn was spent on forex tied directly to specific presidential and vice-presidential trips.
The breakdown showed N426.88m for the Vice President’s trip to Switzerland, N1.04bn for the President’s trip to Ethiopia, N750m for the President’s trip to Dubai, N176.77m for the Vice President’s trip to Côte d’Ivoire, N149.79m for the First Lady’s trip to France, and N86.76m for the Vice President’s trip to Liberia.
March 2024 recorded additional spending connected to trips by the First Lady and the Vice President. These included N202.39m for a visit to Mozambique, N144.57m for a trip to Addis Ababa, and N126.30m for a journey to London. The Vice President’s activities also accounted for N201.12m for Côte d’Ivoire and N169.54m for estacodes linked to training programmes in the United Kingdom and the United States.
From July 2024, forex purchases intensified. Multiple transactions were recorded on July 17 alone, including N149.05m, N358.53m, N243.32m, N739.07m and N73.07m. Further payments followed on July 23, August 6, October 11 and October 28, with notable sums of N569.68m, N323.14m, N246.80m and N1.36bn.
In the final quarter of 2024, spending remained high. In November, the State House Operations – President recorded purchases of N22.19m, N18.34m, N169.10m and N185.23m on November 28. December added another N736.20m on December 1.
These transactions pushed total forex purchases linked to the Presidency in 2024 to N29.35bn, marking one of the costliest years for official foreign travel in recent times.
By contrast, 2025 recorded a major reduction, with total forex purchases standing at N5.04bn. The decline cut across the Presidency, Vice Presidency and related offices. Transactions during the year were smaller and less frequent, which suggested tighter controls over forex outflows.
Data from April 30, 2025, showed several purchases by State House Operations – President and Vice President. Most ranged in the tens of millions of naira, including N535.82m, N57.94m, N32.51m, N57.81m and N23.67m.
Larger figures linked to the Presidential Air Fleet, such as N1.29bn, N1.28bn and N626m, appeared fewer and were spread over several months. By the second half of the year, spending reduced further, with August transactions of N7.67m and N11.14m, while November and December recorded modest payments by the Office of the Chief of Staff and the Presidential Air Fleet.
The PUNCH observed that the naira closed 2025 at N1,429/$1 on December 31, representing a 7.4 per cent appreciation from N1,535/$1 at the end of 2024, based on official Central Bank of Nigeria data. In contrast, the currency lost 40.9 per cent of its value in 2024. The 2025 performance marked the naira’s first annual gain since 2012.
A closer review of the GovSpend data showed that aviation-related expenses remained a key driver of forex demand. The Presidential Air Fleet consistently accounted for some of the largest transactions in both years, reflecting dollar-denominated costs for maintenance, fuel, leasing and operations.
The State House and the Office of the Chief of Staff recorded smaller but still significant amounts, often tied to specific trips by the President, Vice President or First Lady, including estacodes, accommodation and logistics.
Reacting earlier, the Country Director of Accountability Lab Nigeria, Odeh Friday, raised concerns about the burden of such spending on taxpayers.
“This highlights the urgent need for a shift toward greater equality and accountability in the management of public finances,” Friday said.
He questioned whether the expenditures served the interests of Nigerians, adding that “some of them are clearly wasteful expenditure.”
Former Labour Party presidential candidate in the 2023 elections, Peter Obi, has also criticised President Bola Tinubu over the frequency of his foreign trips. In a post on his X handle, Obi questioned the necessity of the travels and noted that the President spent 23 days abroad in January across two trips.
“While leaders in other nations prioritise domestic governance in January, Nigeria’s president prioritises international engagements over pressing national issues. This month, he spent 23 days abroad across two trips—beginning the year overseas and returning on the 17th, and departing less than 10 days on the 26th to Türkiye, where he remains as of January 31. What urgent matters continuously warrant his absence from the nation? When he does return, it often appears to be merely to welcome defectors into the APC before he jets off again.”
