Breakdown: Report Says Presidency Spends N34bn on Forex in 2 Years
- Findings showed how much the Presidency spent on foreign purchases for international travel and related official expenses over 2024 and 2025
- Data revealed that the Presidential Air Fleet consumed the largest share of the funds, driven by aviation maintenance, fuel, logistics, and overseas operations
- Forex spending dropped sharply by 82.8% in 2025, a decline linked to tighter controls and improved naira stability following foreign exchange reforms
Legit.ng Journalist Muslim Muhammad Yusuf is a 2025 Wole Soyinka Award winner, with over 8 years of experience in investigative reporting, human rights, politics, governance and accountability in Nigeria.
Findings have revealed that the Presidency spent at least N34.39 billion on foreign exchange purchases for international travels and related official obligations over a two-year period under President Bola Ahmed Tinubu.
Source: Twitter
The figure emerged from an analysis of data obtained from GovSpend, a government expenditure tracker managed by BudgIT, and was compiled by The PUNCH.
The records cover forex transactions linked to the State House, Presidential Air Fleet, Office of the Chief of Staff, as well as official activities involving the President, Vice President, First Lady, and their aides.
2024 accounted for bulk of spending
Data showed that 2024 accounted for the bulk of the forex spending, with purchases amounting to N29.35bn, while 2025 recorded N5.04bn.
This represents a year-on-year decline of 82.8 per cent, a development that analysts say aligns with the relative stabilisation of the naira following foreign exchange reforms and improved dollar inflows in 2025.
The forex purchases were largely linked to official foreign trips, aviation operations, estacodes, training programmes, and logistics for international engagements by top government officials.
Although the Presidency has repeatedly defended foreign travels as necessary for diplomacy, investment promotion, and bilateral relations, the scale of the spending has continued to attract public attention amid Nigeria’s fiscal challenges and forex shortages.
Presidential Air Fleet dominated forex expenses
A breakdown of the data shows that the Presidential Air Fleet (PAF) was one of the biggest drivers of forex demand, accounting for several multi-billion-naira transactions in 2024.
The fleet, managed by the Nigerian Air Force, handles air transport for the President, Vice President, and other senior officials.
Between March and May 2024, the Presidential Air Fleet Naira Transit Account recorded repeated forex purchases of about N1.27bn each on March 7, March 9, April 6, May 11 and May 25.
Larger tranches were also recorded, including N5.08bn on April 23 and N2.43bn on May 8.
Additional aviation-related payments followed in July and August, including N205m, N34m, N1.25bn, N2.21bn, N160.4m, N1.24bn, and N902.9m, further pushing up the air fleet’s forex bill.
Smaller transactions continued in September and December, bringing the fleet’s cumulative forex-linked expenses for 2024 into several billions of naira.
The high cost of maintaining the presidential fleet has long drawn criticism, especially against the backdrop of Nigeria’s rising debt burden and fiscal pressures.
State House, VP and First Lady trips added to cost
Beyond aviation, the State House Headquarters also recorded extensive forex purchases tied directly to specific foreign trips.
In February 2024 alone, over N2.5bn was spent on forex for trips involving the President, Vice President and First Lady.
These included:
- N426.88m for the Vice President’s trip to Switzerland
- N1.04bn for President Tinubu’s trip to Ethiopia
- N750m for the President’s trip to Dubai
- N176.77m for the Vice President’s trip to Côte d’Ivoire
- N149.79m for the First Lady’s trip to France
- N86.76m for the Vice President’s trip to Liberia
In March 2024, further spending was recorded for the First Lady’s trips to Mozambique, Addis Ababa and London, while the Vice President’s engagements in Côte d’Ivoire and training programmes in the UK and US also attracted forex purchases running into hundreds of millions of naira.
Spending intensified in mid-2024
From July 2024, forex purchases intensified, with multiple same-day transactions recorded on July 17, including N149.05m, N358.53m, N243.32m, N739.07m, and N73.07m.
Additional payments followed in August and October, with a notable N1.36bn transaction recorded on October 28.
By November and December, spending remained elevated, with several transactions by State House Operations, pushing total forex purchases linked to the Presidency in 2024 to N29.35bn.
2025 saw a sharp cutback
In contrast, 2025 marked a significant reduction in forex spending, with total purchases falling to N5.04bn.
The cutback affected the Presidency, Vice Presidency, and supporting offices, with transactions generally smaller and more widely spread.
Source: Twitter
April 2025 transactions included amounts such as N535.82m, N57.94m, N32.51m, and N23.67m, while even the larger figures—N1.29bn, N1.28bn, and N626m linked to the Presidential Air Fleet—were fewer.
By the second half of the year, forex purchases tapered further, with some transactions in August falling below N12m.
Analysts say the pattern suggests tighter controls, improved planning, and reduced pressure on the naira.
Criticism and reactions trail spending
Data from the Central Bank of Nigeria showed that the naira closed 2025 at N1,429/$1, representing a 7.4 per cent appreciation from N1,535/$1 at the end of 2024.
The naira had depreciated by 40.9 per cent in 2024, making the 2025 performance its first annual gain since 2012.
Despite the decline, concerns persist over the impact of such spending on public finances.
Country Director of Accountability Lab Nigeria, Odeh Friday, warned that the scale of forex spending highlights the need for greater accountability.
“This highlights the urgent need for a shift toward greater equality and accountability in the management of public finances,” he said, describing some expenditures as “clearly wasteful.”
Peter Obi questions Tinubu's priorities
Legit.ng earlier reported that Peter Obi criticised President Bola Ahmed Tinubu's prioritisation of international trips over Nigeria's pressing issues.
Obi said Tinubu has spent 23 days abroad this January alone, raising concerns about national governance.
The ADC presidential aspirant highlights worsening national challenges like insecurity and food shortages during Tinubu's absence.
Source: Legit.ng
