Presidency Spent ₦34bn on Forex in Two Years
Presidency Spent ₦34bn on Forex in Two Years
President Bola Tinubu 1000×600
The Nigerian Presidency spent ₦34.39 billion on foreign exchange purchases for international travel and related expenses between 2024 and 2025, according to data from GovSpend, a public finance tracker managed by BudgIT.
Records show that 2024 accounted for ₦29.35 billion, with large transactions linked to the Presidential Air Fleet and trips by the President, Vice President, and First Lady. Notable allocations included ₦1.04 billion for President Tinubu’s trip to Ethiopia, ₦750 million for Dubai, ₦426.88 million for the Vice President’s trip to Switzerland, and ₦149.79 million for the First Lady’s trip to France.
In 2025, forex spending dropped sharply to ₦5.04 billion, representing an 82.8% decline year-on-year. Transactions were smaller, though a few payments exceeding ₦1 billion were recorded for the Presidential Air Fleet.
The naira ended 2025 stronger at ₦1,429/$1, appreciating by 7.4% compared to the previous year—its first annual gain since 2012.
Civil society groups have criticized the scale of forex spending, calling for greater transparency. Former Labour Party presidential candidate Peter Obi also questioned President Tinubu’s frequent foreign trips, noting he spent 23 days abroad in January 2026 alone.
The Presidency maintains that foreign trips are necessary for diplomacy and investment promotion, but the ₦34 billion forex bill underscores the high cost of Nigeria’s presidential operations abroad.
