Findings have revealed that the Nigerian Presidency spent about ₦34.39 billion on foreign exchange purchases within two years to fund international travels and related official duties. The data, sourced from GovSpend, a public finance tracker by BudgIT, covers transactions linked to the State House, Presidential Air Fleet, Office of the Chief of Staff, and activities involving the President, Vice President, First Lady, and their aides. The spending has attracted attention due to Nigeria’s ongoing economic and foreign exchange challenges.

A breakdown of the figures shows that 2024 accounted for the bulk of the spending, with forex purchases totaling ₦29.35 billion, while 2025 recorded a significantly lower ₦5.04 billion. This represents an 82.8 percent year-on-year decline, which analysts link to naira stabilisation, policy reforms, and improved dollar inflows in 2025. Most of the funds were used for official foreign trips, aviation operations, estacodes, trainings, and logistics tied to international engagements.

The Presidential Air Fleet emerged as the largest driver of forex demand, recording several multi-billion-naira transactions, especially in 2024. These costs covered aircraft maintenance, fuel, leasing, and overseas operations, which are largely dollar-denominated. In the same period, the State House also spent billions on forex for trips by the President, Vice President, and First Lady to countries such as Switzerland, Ethiopia, Dubai, France, and the United Kingdom.

Although spending dropped sharply in 2025, public scrutiny has continued. Accountability advocates have called for greater transparency and a review of the cost-effectiveness of such expenditures. Former Labour Party presidential candidate, Peter Obi, also criticised President Bola Tinubu’s frequent foreign travels, questioning their necessity amid pressing domestic issues. The debate has renewed discussions on fiscal discipline, governance priorities, and the sustainability of Nigeria’s foreign travel spending.