The Presidency spent at least N34.39 billion on foreign exchange for international travel and related obligations over a two-year period, findings by Nigerian Mirror have shown.
Data compiled from GovSpend, a government spending tracker managed by BudgIT, shows that 2024 accounted for the bulk of the expenditure, with N29.35 billion spent, while 2025 recorded N5.04 billion — a year-on-year decline of 82.8 percent. Analysts say the drop aligns with stabilisation of the naira following policy reforms and improved dollar inflows.
The transactions cover foreign currency purchases for official trips, aviation operations, estacodes, training programmes, and logistics for engagements involving the President, Vice President, First Lady, and their aides.
The records show that forex purchases were heavily concentrated in the first half of 2024, a period marked by heightened exchange rate volatility and pressure on the naira. The Presidential Air Fleet, responsible for the air transport of senior officials and managed by the Nigerian Air Force, emerged as a major spender.
Between March and May 2024, the Presidential Air Fleet Naira Transit Account recorded repeated purchases of about N1.27 billion on March 7, March 9, April 6, May 11, and May 25, alongside larger tranches of N5.08 billion on April 23 and N2.43 billion on May 8. Additional transfers of N205 million in July, N34 million, N1.25 billion, N2.21 billion, N160.4 million, N1.24 billion, and N902.9 million in August further swelled the fleet’s forex expenditures.
The State House Headquarters also recorded extensive purchases. In February 2024 alone, over N2.5 billion was spent on trips by the President, Vice President, and First Lady, including:
March saw further spending, including N202.39 million for the First Lady’s trip to Mozambique, N144.57 million for Addis Ababa, and N126.3 million for London. The Vice President’s foreign engagements also incurred N201.12 million for Côte d’Ivoire and N169.54 million for estacodes linked to UK and US training programmes.
From July 2024, forex purchases intensified, with multiple same-day transactions on July 17 alone, including N149.05 million, N358.53 million, N243.32 million, N739.07 million, and N73.07 million. Additional payments were made on July 23, August 6, October 11, and October 28, with notable amounts of N569.68 million, N323.14 million, N246.8 million, and N1.36 billion on October 28.
In the final quarter of 2024, spending remained high. November saw several purchases, including N22.19 million, N18.34 million, N169.1 million, and N185.23 million on November 28. December added another N736.2 million on December 1.
Cumulatively, the data shows that 2024 was one of the most expensive years for official foreign travel and related forex spending by the Presidency in recent times.
The Presidency has defended such expenditures as necessary for diplomacy, investment promotion, and bilateral relations, though the scale and timing of the spending have drawn public scrutiny amid Nigeria’s fiscal constraints and foreign exchange shortages.
