The Presidency spent at least N34.39 billion on foreign exchange purchases for international travel and related obligations over a two-year period, according to data compiled from GovSpend, a government expenditure tracker managed by BudgIT.
The records, which cover transactions by the State House, Presidential Air Fleet, Office of the Chief of Staff, and operations linked to the President, Vice President, First Lady and their aides, reveal a sharp shift in spending patterns between 2024 and 2025.
An analysis of the data shows that 2024 accounted for the bulk of the expenditure, with total forex purchases of N29.35bn, while 2025 recorded N5.04bn, representing a year-on-year decline of 82.8 per cent. The drop aligns with broader developments in the foreign exchange market, where the naira stabilised following policy reforms and improved dollar inflows.
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The forex transactions were largely tied to official foreign trips, aviation operations, estacodes, training programmes, and logistics for international engagements involving top executive officials. While the Presidency has consistently maintained that such trips are necessary for diplomacy, investment promotion and bilateral relations, the scale of the spending has continued to attract public scrutiny amid Nigeria’s fiscal constraints and persistent forex shortages.
According to the data, In 2024, spending was heavily concentrated in the first half of the year, coinciding with heightened exchange rate volatility and sustained pressure on the naira. One of the biggest drivers of forex demand was the Presidential Air Fleet, which accounted for several multi-billion-naira transactions described as “presidential air fleet forex transit funds.”
The Presidential Air Fleet, managed by the Nigerian Air Force, handles air transport for the President, Vice President and senior government officials. Despite its strategic role, the fleet’s maintenance and operational costs have long been criticised, particularly in the context of Nigeria’s rising debt service obligations.
Between March and May 2024, the Presidential Air Fleet Naira Transit Account recorded repeated purchases of about N1.27bn each on March 7, March 9, April 6, May 11 and May 25. Larger tranches included N5.08bn on April 23 and N2.43bn on May 8.
Additional transfers in July and August, including N205m, N1.25bn, N2.21bn, N1.24bn, and N902.9m, further pushed the fleet’s forex bill.
Beyond aviation, the State House Headquarters also recorded extensive forex spending throughout 2024. In February alone, over N2.5bn was spent on forex linked directly to official trips.
These included N1.04bn for the President’s trip to Ethiopia, N750m for a trip to Dubai, N426.88m for the Vice President’s trip to Switzerland, and several other payments covering trips to Côte d’Ivoire, France and Liberia.
Spending continued in March, with forex purchases tied to trips by the First Lady to Mozambique and Addis Ababa, as well as engagements by the Vice President in Côte d’Ivoire and training-related estacodes in the UK and US.
From July 2024, forex purchases intensified, including multiple same-day transactions on July 17 totalling over N1.56bn, alongside further payments in August, October and November.
A notable N1.36bn transaction was recorded on October 28. By December, additional purchases pushed total forex spending linked to the Presidency in 2024 to N29.35bn, making it one of the costliest years for official foreign travel in recent times.
In contrast, 2025 saw a significant pullback. Total forex purchases fell to N5.04bn, with reductions observed across the Presidency, Vice Presidency and supporting offices. Transactions were generally smaller and more sporadic, suggesting tighter controls on forex outflows.
While some larger sums were still recorded, including N1.29bn, N1.28bn and N626m linked to the Presidential Air Fleet, these were fewer and spread over several months. By the second half of the year, transactions had tapered further, with payments largely in the tens of millions of naira.
The decline in spending coincided with improved currency performance. The naira closed 2025 at N1,429/$1, a 7.4 per cent appreciation from N1,535/$1 at the end of 2024, according to official Central Bank of Nigeria data.
A breakdown of the GovSpend data indicates that aviation-related expenses remain the largest driver of forex demand, with the Presidential Air Fleet consistently accounting for the biggest transactions.
This has renewed debate over the size and cost structure of the fleet. The data has also fed into political debate. Former Labour Party presidential candidate Peter Obi recently criticised President Bola Tinubu over the frequency of his foreign trips, noting that the President spent 23 days abroad in January across two separate trips. Obi questioned the necessity of such travel amid pressing domestic challenges, adding to ongoing public discussions about cost, priorities and fiscal discipline at the highest levels of government.
