Nigeria’s Presidency expended no less than ₦34.39 billion on foreign exchange purchases to fund international travel and related obligations between 2024 and 2025, according to data obtained from GovSpend, a public finance tracker operated by BudgIT. The figures, reported by Punch, reveal extensive forex outflows tied to the State House, Presidential Air Fleet, Office of the Chief of Staff, and other units connected to the President, Vice President, First Lady, and their aides.

A detailed breakdown shows that 2024 alone accounted for ₦29.35bn, while 2025 recorded a much lower ₦5.04bn, representing a sharp 82.8 per cent year-on-year decline. Analysts note that this drop aligns with wider macroeconomic developments, including relative naira stabilisation, forex market reforms, and improved dollar inflows into the economy.

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Much of the spending in 2024 was concentrated in the first half of the year, a period marked by severe exchange rate volatility and mounting pressure on the naira. During this time, government entities relied heavily on forex purchases to meet overseas obligations, particularly for presidential travel and aviation-related costs.

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The Presidential Air Fleet (PAF) emerged as one of the largest forex consumers. Records show repeated multi-billion-naira transactions tagged as “presidential air fleet forex transit funds.” Between March and May 2024, the fleet made five separate purchases of ₦1.27bn, alongside larger tranches such as ₦5.08bn on April 23 and ₦2.43bn on May 8. Additional payments followed, including ₦205m in July, and several August transactions ranging from ₦902.9m to ₦2.21bn.

Forex outflows from the State House Headquarters were also significant. In February 2024, over ₦2.5bn was spent on international trips. These included ₦1.04bn for the President’s trip to Ethiopia, ₦750m for a Dubai visit, and ₦426.88m for the Vice President’s trip to Switzerland. Other expenditures covered trips to Côte d’Ivoire, France, Liberia, and later in March, visits to Mozambique, London, and training-related estacodes in the UK and the US.

Spending intensified again in July 2024, with multiple same-day forex purchases such as ₦739.07m, ₦358.53m, and ₦243.32m. By October 28, another ₦1.36bn was recorded, followed by ₦736.20m on December 1, underscoring the scale of foreign exchange demand linked to presidential activities.

In contrast, 2025 marked a clear shift. Total forex purchases dropped to ₦5.04bn, with transactions becoming smaller and less frequent. April payments ranged between ₦23.67m and ₦535.82m, while larger aviation-linked purchases such as ₦1.29bn and ₦626m were isolated cases. By August, some payments fell as low as ₦7.67m, highlighting tighter controls.

The reduced spending coincided with an improvement in the naira, which closed 2025 at ₦1,429/$1, a 7.4 per cent appreciation from ₦1,535/$1 in 2024. This marked the currency’s first annual gain since 2012, following years of depreciation.

Despite the cutbacks, the Presidential Air Fleet remained a major source of forex demand, alongside the Office of the Chief of Staff and the First Lady’s office, with expenses covering estacodes, accommodation, logistics, and protocol.

Concerns over accountability have grown louder. Odeh Friday, Country Director of Accountability Lab Nigeria, warned that such spending strains public finances and called for greater transparency. “Some of them are clearly wasteful expenditure,” he said, urging authorities to better assess necessity and impact.

The debate has also taken on political overtones. Former Labour Party presidential candidate Peter Obi criticised President Bola Tinubu’s frequent foreign trips, particularly noting extended stays abroad in January 2026. Obi questioned the urgency of such engagements amid pressing domestic challenges, adding fresh momentum to calls for fiscal discipline and accountability at the highest levels of government.