The Nigerian Presidency has spent at least ₦34.39 billion on foreign exchange purchases for official international travel and related obligations over a two-year period, The PUNCH has reported based on data from GovSpend, a government spending tracker managed by BudgIT.
Punch Newspapers Overview of Forex SpendingThe records analysed cover forex transactions by the State House, Presidential Air Fleet, the Office of the Chief of Staff, and other units linked to the President, Vice President, First Lady, and their aides.
Punch Newspapers In 2024, the Presidency purchased ₦29.35 billion in foreign exchange.In 2025, the total fell sharply to ₦5.04 billion.
This represents an 82.8% year-on-year decline, reflecting Nigeria’s broader forex market stabilization following policy reforms and increased dollar inflows.
Breakdown of Spending in 2024The bulk of the forex purchases in 2024 occurred during periods of high exchange rate volatility, particularly in the first half of the year.
Transactions included:Presidential Air Fleet CostsThe Presidential Air Fleet operated by the Nigerian Air Force and responsible for transporting top government officials recorded multiple large purchases.
Examples include:Repeated buys of about ₦1.27bn in March May.Larger tranches such as ₦5.08bn on April 23 and ₦2.43bn on May 8.
Additional transactions totaling billions more across July to December.
These aviation-related forex purchases contributed significantly to the overall 2024 total.
State House Foreign Travel ForexState House forex purchases in 2024 were also substantial and linked directly to specific official trips:₦426.88m for the Vice President’s trip to Switzerland.₦1.04bn for the President’s trip to Ethiopia.₦750m for the President’s trip to Dubai.
Other trips included destinations like Côte d’Ivoire, France, Mozambique, and London, and these routinely accounted for hundreds of millions in forex purchases.
By late 2024, further purchases in October, November, and December continued to keep the forex spending elevated.
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2025: Significant ReductionIn contrast, 2025 saw a steep drop in forex purchases by the Presidency:Many transactions were smaller and more sporadic, often in the tens of millions of naira. Even larger amounts such as ₦1.29bn and ₦1.28bn linked to the Presidential Air Fleet were fewer and spread out over several months. By the second half of 2025, most forex purchases were modest, including amounts under ₦50 million.
Experts say this suggests tighter controls and better planning around official travel forex demands as the naira strengthened.
Exchange Rate ContextThe PUNCH noted that by the end of 2025, the naira was firmer, closing at ₦1,429 to $1, a 7.4% appreciation compared with the end of 2024 when the naira had depreciated sharply, losing over 40% of its value during the year.
Public Reaction and DebateThe high spending has drawn public scrutiny:Accountability Lab Nigeria’s Country Director, Odeh Friday, stressed the need for greater transparency and accountability, suggesting some expenditures appear “wasteful.”
Peter Obi, former Labour Party presidential candidate, criticised the frequency and cost of President Bola Tinubu’s foreign trips, noting the extensive time spent abroad and questioning the priorities against domestic needs.
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What the Data ShowsIn summary:The Presidency’s total forex purchases for official travel and related activities over 2024 and 2025 amounted to about ₦34.39 billion.
The majority (≈85%) occurred in 2024 during periods of intense forex market pressure. In 2025, spending decreased substantially as the naira stabilized and forex demand was seemingly better managed.
