The Nigerian Presidency spent over N23bn in 2024 to purchase foreign currencies for the international trips of top executive government officials, including President Bola Tinubu, Vice President Kashim Shettima, and the First Lady, Oluremi Tinubu.
GovSpend, a government spending tracker that BudgIT manages, compiled this figure, which shows a significant increase from the N18.63bn recorded in 2023 – a rise of approximately 23%.
The President and State House officials have undertaken more frequent and larger-scale international trips, causing the spending spike. Officials say these trips are vital for Nigeria’s diplomatic engagements and international relations, but they cost increasingly more as the naira depreciates against major global currencies.
Economic challenges marked the year, and as a result, the cost of maintaining the country’s diplomatic presence globally has risen sharply. Rising foreign exchange costs, volatile exchange rates, and Nigeria’s economic situation have pressured government finances.
Presidential travel expenses
The expenditure across various official and diplomatic trips shows the escalating cost of international travel for Nigeria’s top government officials. The President’s international engagements accounted for the largest share of the foreign currency expenditure in 2024.
Major spending includes N1.04bn for the President’s trip to Ethiopia in February 2024. The government then spent N1.27bn in March 2024 for the presidential air fleet’s forex transit funds. The President’s air fleet continues draining finances heavily, with N5.07bn going to its operational and foreign exchange needs in April 2024.
This expenditure shows the high costs of maintaining Nigeria’s air fleet, which supports the President’s international travel. The government uses the funds not just for travel but also for aircraft upkeep and operational readiness.
Vice President and First Lady’s costs
Meanwhile, the Vice President’s international travels in 2024 also contributed significantly to the overall foreign exchange expenditure. In January 2024, the government funded the Vice President’s trip to Switzerland with N426.88m, whilst spending another N176.77m on his trip to Côte d’Ivoire the same month.
The Vice President’s total foreign exchange expenditure in 2024 reached almost N750m, showing a steady increase in the costs of his foreign engagements compared to previous years.
The First Lady also accounted for a significant portion of the foreign exchange spending in 2024. The government spent N149.79m on her trip to France in January 2024 and allocated N202.39m for her trip to Mozambique in March. The First Lady’s total foreign exchange expenditure for 2024 exceeded N478m.
Chief of Staff’s office spending
The Office of the Chief of Staff coordinates the President’s engagements and ensures smooth operations during official visits abroad.
In 2024, the Office of the Chief of Staff to the President spent N94.7m on foreign exchange purchases to facilitate various official functions. The expenditure covered high-level government activities, including diplomatic engagements and preparations for international conferences.
The Office of the Chief of Staff allocated N46.5m – the largest portion of this spending – for foreign exchange to support the President’s trip to the United Kingdom in August 2023.
Officials made another notable allocation of N12.7m for preparations for Nigeria’s participation in the 78th session of the United Nations General Assembly in the United States, which took place later in the year. The office made additional foreign exchange purchases of N5.1m to cover other logistical requirements tied to official trips and events.
