₦airaland Forum

The Presidency spent at least N34.39bn on foreign exchange purchases for international travel and related obligations over a two-year period, findings by The PUNCH have shown.

The figure is according to data compiled from GovSpend, a government spending tracker managed by BudgIT.

The records, which cover transactions by the State House, Presidential Air Fleet, the Office of the Chief of Staff, and operations linked to the President, Vice President, First Lady, and their aides, show a sharp swing 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.

This represents a year-on-year decline of 82.8 per cent, aligning with broader trends in the foreign exchange market where the naira stabilised following policy reforms and improved dollar inflows.

The transactions largely relate to the purchase of foreign currencies for official trips, aviation operations, estacodes, training programmes, and logistics for international engagements involving top executive officials.

While the Presidency has maintained that such trips are necessary for diplomacy, investment promotion and bilateral relations, the scale and timing of the spending have continued to draw public scrutiny amid Nigeria’s fiscal constraints and forex shortages.

In 2024, forex purchases were heavily concentrated in the first half of the year, coinciding with a period of heightened exchange rate volatility and sustained pressure on the naira.

One of the most prominent spenders during the year was the Presidential Air Fleet, which alone 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, is responsible for the air transport needs of the President, Vice President, and senior government officials.

Despite its strategic role, the cost of maintaining the fleet has long been a subject of public scrutiny and criticism, particularly amid Nigeria’s fiscal pressures and 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, alongside larger tranches such as N5.08bn on April 23 and N2.43bn on May 8.

These aviation-related transactions show the high cost of maintaining and deploying the presidential fleet for overseas travel.

Additional transfers of N205m in July, N34m, N1.25bn, N2.21bn, N160.4m, N1.24bn and N902.9m in August further swelled the air fleet’s forex bill.

Investment opportunities Nigeria
Smaller amounts followed later in the year, including payments in September and December, bringing the air fleet’s cumulative forex-linked transactions in 2024 into several billions of naira.

Beyond aviation, the State House Headquarters also recorded extensive forex purchases throughout 2024.

In February alone, the State House spent over N2.5bn on forex linked directly to specific presidential and vice-presidential trips.

These included N426.88m for the Vice President’s trip to Switzerland, N1.04bn for the President’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, and N86.76m for the Vice President’s trip to Liberia.

March 2024 saw further spending tied to foreign travel by the First Lady and Vice President. Transactions included N202.39m for the First Lady’s trip to Mozambique, N144.57m for her trip to Addis Ababa, and N126.30m for a trip to London.

The Vice President’s engagements also featured, with N201.12m spent on a trip to Côte d’Ivoire and N169.54m for estacodes linked to UK and US training programmes.

From July 2024, forex purchases by the State House intensified, with multiple same-day transactions on July 17 alone.

These included N149.05m, N358.53m, N243.32m, N739.07m, and N73.07m, all tagged as forex purchases.

Additional payments were made on July 23, August 6, October 11, and October 28, with notable amounts of N569.68m, N323.14m, N246.80m, and a significant N1.36bn on October 28.

By the final quarter of 2024, spending remained elevated. In November, the State House Operations – President recorded several purchases, including N22.19m, N18.34m, N169.10m and N185.23m on November 28. December added another N736.20m on December 1, reinforcing the pattern of sustained forex demand by the Presidency throughout the year.

Cumulatively, these transactions pushed total forex purchases linked to the Presidency in 2024 to N29.35bn, making it one of the most expensive years for official foreign travel and related forex spending in recent times.

In contrast, 2025 marked a significant pullback. Total forex purchases for the year stood at N5.04bn, a steep decline from the previous year.

The reduction was broad-based, cutting across the Presidency, Vice Presidency and supporting offices.

Transactions in 2025 were also generally smaller in size and more sporadic, suggesting a deliberate effort to rein in forex outflows.

Data from April 30, 2025, show multiple forex purchases by State House Operations – President and Vice President, but most were in the tens of millions rather than billions of naira.

Amounts such as N535.82m, N57.94m, N32.51m, N57.81m and N23.67m dominated the April transactions.

Even the larger figures recorded in mid-2025, including N1.29bn, N1.28bn and N626m linked to the Presidential Air Fleet, were fewer and spread over several months.

By the second half of 2025, forex purchases had tapered further. August transactions included N7.67m and N11.14m, while November and December recorded modest payments by the Office of the Chief of Staff and the Presidential Air Fleet.

The overall pattern points to tighter controls and possibly improved planning around official travel as the naira stabilised in 2025.

The PUNCH observed that the naira ended 2025 on a firmer note, closing at N1,429/$1 on December 31.

This was a 7.4 per cent appreciation from the N1,535/$1 recorded on the final trading day of 2024, according to official exchange rate data from the Central Bank of Nigeria.

The local currency concluded 2024 with significant depreciation, recording a 40.9 per cent loss against the dollar in the official market.

The 2025 performance marks the naira’s first annual gain since 2012, when it appreciated slightly to N157.29 from N158.99 in 2011.

The currency had depreciated every year since then, marking a major turnaround after 13 years of consistent declines.

A further breakdown of the GovSpend data also shows that aviation-related expenses remain a major driver of forex demand.

The Presidential Air Fleet consistently accounted for some of the largest transactions across both years, reflecting maintenance, fuel, leasing and operational costs that are typically dollar-denominated.

This has renewed debate over the size and cost structure of the fleet, especially at a time when many countries are reviewing the sustainability of maintaining large official aircraft inventories.

The State House and Office of the Chief of Staff accounted for smaller but still significant amounts, often linked directly to specific trips by the President, Vice President or First Lady. These include forex purchases for estacodes, accommodation, logistics and protocol obligations.

The Country Director of Accountability Lab Nigeria, Odeh Friday, earlier expressed concern about the impact of such spending on taxpayers and the need for greater transparency and accountability.

“This highlights the urgent need for a shift toward greater equality and accountability in the management of public finances,” Friday said.

He emphasised that it is critical to evaluate the outcomes of these significant expenditures, questioning whether they truly serve the interests of the Nigerian people. “Some of them are clearly wasteful expenditure,” he added.

Former Presidential Candidate of the Labour Party (LP) in the 2023 general elections, Peter Obi, has criticised President Bola Tinubu for spending much of January abroad.

Obi, in a post on his X handle on Sunday morning, noted that while leaders in other countries focus on domestic governance at the start of the year, Nigeria’s president has prioritised foreign engagements over pressing national issues.

Obi also questioned the necessity of Tinubu’s frequent foreign trips, noting that the President spent 23 days abroad in January across two trips, returning only briefly to Nigeria in between.

“While leaders in other nations prioritise domestic governance in January, Nigeria’s president prioritises international engagements over pressing national issues. This month, he spent 23 days abroad across two trips—beginning the year overseas and returning on the 17th, and departing less than 10 days on the 26th to Türkiye, where he remains as of January 31. What urgent matters continuously warrant his absence from the nation? When he does return, it often appears to be merely to welcome defectors into the APC before he jets off again.”

Source: https://punchng.com/travels-presidency-spends-n34bn-on-forex-in-two-years

The speed at which Tinubu is destroying this country eh, I pray we withstand the shock before Peter obi get elected.

Later they will tell you importation is what is killing the naira...

Terrible president
See wetin some foolish idiots dey support.

This is the role model the president wants us to emulate.
My broda, it’s better to stay at home during the next election than go vote for APC.

Freshandfitpod:
The speed at which Tinubu is destroying this country eh, I pray we withstand the shock before Peter obi get elected.

The rational approach is to net out these expenses against the tax revenue from the investments he’s attracted over the last two years—since the expense amount alone isn’t the full picture; we need to know the benefits gained from them. It’s the same flawed mentality that pays civil servants peanuts and expects them to be angels.

adenigga:
Source: https://punchng.com/travels-presidency-spends-n34bn-on-forex-in-two-years

Sometimes I wonder why we still have diplomats, ambassadors, a minister of internal and foreign affairs collecting allocations for their ministries yearly who are meant to be doing all these foreign trips, but we have a Presidency after the death of Yaradua who are trying to see who will break the longest record of traveling outside Nigeria as President, most of the trips are senseless and unproductive trips, they are mostly vacations to enjoy tax payers money with a very large entourage of people who doesn't even have a business on the trips.

What am I even saying? a poor country like Nigeria is boasting of owning 4 Presidencial jet while America (the world's largest economy) has just one Air force One as their Presidential Jet...we are indeed sick in this country from top to bottom...and you expect other foreign leaders to respect us?

If a country cannot even cut cost of unnecessary foreign trips made by the President then we are surely not a serious country...How many Presidents around the world do you see or know of that travels as much as the Nigerian President travel? Except late former President Yaradua, others are just pathetic and an embarrassment.

Despite all the billions spent on foreign trips there's ABSOLUTELY NO RESULTS, our image as a country remains bastardized and investors still don't have confidence in investing in an unstable environment like ours, So, why keep wasting tax payers money?

Emilokan lati travel gbo gbo agbaye (It is my turn to travel around the globe)

Very annoying leaders...Dem go enter Aso Rock go dey do traveling competition instead of fixing Nigeria.

Spend this amount of money to go fall up and down? May God help Nigerians

Children of perdition do not know that a judicious use of this amount with uplift their standard of living.

lionshare:
The rational approach is to net out these expenses against the tax revenue from the investments he’s attracted over the last two years—since the expense amount alone isn’t the full picture; we need to know the benefits gained from them. It’s the same flawed mentality that pays civil servants peanuts and expects them to be angels.

Share the data with us then

We are yet to see the positive effect of these travellings 😢

His supporters that can bearly feed or live will be supporting wreckless spending. Travelling for personal gains.

Kukutente23:
Share the data with us then

Why should I? I’m calling this analysis irrational because it fails to present the full picture. If you sack a manager who doubles operating expenses in a single year, does it make sense to do so without first examining whether revenue or profit growth justifies that increase? This isn’t a political argument. It’s entirely possible that the net outcome is negative—and that would be a valid basis for questioning the presidency, unlike these sentiment-driven analyses.

Helinus
Yarimo
Richtaiwo
Et al

Come and see your presido. A waster of a man.

Freshandfitpod:
The speed at which Tinubu is destroying this country eh, I pray we withstand the shock before Peter obi get elected.

The man is just a destroyer. A worm. He is just burrowing the future away.

Sad.

Freshandfitpod:
The speed at which Tinubu is destroying this country eh, I pray we withstand the shock before Peter obi get elected.

How will your failed attempt godfather of Anambra be different from the Lagos lootocracy TAX monster planner

aduboy:
Anambra distributes 177 vehicles to traditional rulers
Posted by NAN
Governor Peter Obi of Anambra State, on Monday in Awka, distributed one SUV each to the traditional rulers of the 177 communities in the state.

Obi handed over one of the vehicles’ key to the state Chairman of the Traditional Rulers’ Council, Igwe Alfred Achebe, Obi of Onitsha.

He said that the gesture was aimed at helping them run and build better communities, adding that the vehicles would also help the traditional rulers to function effectively.

“If you have better communities, you will have a better Anambra, Anambra today is changing for better and I want this sustained,” the governor said.

“In doing that, the state government and the local government will do what it can to support the building of a better Anambra.”

Achebe said that he was overjoyed because the governor cared about the well-being and welfare of the traditional rulers.

“It is completely unprecedented in Anambra and probably elsewhere in Nigeria,” he said.

“It is a mighty gesture from the governor and for the government of the state to make a distinct impact on the well-being of the traditional rulers in the state.”

According to him, it was one of the several measures the present administration in the state had taken to improve the wellbeing of the traditional rulers.

“We pray that God will give us a successor that will continue from where Obi has left and lift Anambra to the next level.”

http://telegraphng.com/2013/06/anambra-distributes-177-vehicles-to-traditional-rulers/

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>>>>>>>>>>>>>>>>>>>>

NLCreator:
Peter Obi, presidential candidate of the Labour Party (LP) in the 2023 elections, has defended the purchase of sports utility vehicles (SUVs) for members of the national assembly.

There have been reports that the leadership of the 10th national assembly has bought SUVs for all lawmakers.

Each SUV is said to be valued at N160 million.

The LP had asked members of the party in the national assembly to kick against “wastage”.

While responding to questions during a press conference in Abuja on Monday, the former governor of Anambra said the SUVs are not personal cars of the lawmakers, noting that they are for official use.

“Let me start with the issue of Labour Party members in the house. I have actually discussed this issue with them,” Obi said.

“Surprisingly, I can tell you I heard that these vehicles are official cars. They have to use it. It is meant for office.

“So it is not as if it is their vehicle. They said it is official cars and you are meant to use it while you are in the senate.”

Obi also hinted at contesting for the country’s number one position in 2027, adding that Nigeria deserves dedicated and visionary leaders who will lead the country towards a brighter future.

https://www.thecable.ng/theyre-for-official-use-obi-defends-purchase-of-n160m-suv-for-lawmakers/amp

Journalist: how do you intend to engage members of your party who are members of the house, so that they can stand different.......?

PO: Let me start with the issue of labour party members in the house, have actually discussed this issue with them, surprisingly, I can tell you ,… pic.twitter.com/svybrcY4t3

— Senator Baruch Chinanu Boniface (@SenatorBaruch1) November 7, 2023

lionshare:
The rational approach is to net out these expenses against the tax revenue from the investments he’s attracted over the last two years—since the expense amount alone isn’t the full picture; we need to know the benefits gained from them. It’s the same flawed mentality that pays civil servants peanuts and expects them to be angels.

You dey speak empty English. Someone spent billions on forex for his fruitless travels, yet you want to defend him?

You are incorrigible mehn. MI

If not ringing nothing would taken this disaster to Aso rock

These are the results of voting incompetent people into power..it's a pity

PlasmaTV:
Helinus
Yarimo
Richtaiwo
Et al

Come and see your presido. A waster of a man.

..they have gone to hide..they will not come out

yesloaded:
We are yet to see the positive effect of these travellings 😢

..the positive effect Nigerians have been seeing is the falling down 🙄

lionshare:
Why should I? I’m calling this analysis irrational because it fails to present the full picture. If you sack a manager who doubles operating expenses in a single year, does it make sense to do so without first examining whether revenue or profit growth justifies that increase? This isn’t a political argument. It’s entirely possible that the net outcome is negative—and that would be a valid basis for questioning the presidency, unlike these sentiment-driven analyses.

Heheheheheh. Finally, someone with sense.

This amount is just $25 million (dollars).

And the president is on a drive to bring in $10 billion (dollars) which is 400× the amount expended.

My question to anyone here, like @lionshare asked;

If your manager comes to ask you for N10, 000 (naira) to pursue a deal that might bring in 400×, which is N4 million (naira), will your thinking be that he is stupid?

#nairaland & Nigerian youths think like Okada riders#

#off to work#

Such a huge amount


We still hope to see dividends though

How on earth is Nigeria wasting our resources like this, this is so unfair, what's the justification for spending 34 billion Naira

ufotunang:
..they have gone to hide..they will not come out

You know them well
Mention Obi and they will all scurry out of their holes.

Stale thread. See as all APC fans stayed away from the thread as if somebody died.

APC......

PlasmaTV:
You know them well
Mention Obi and they will all scurry out of their holes.

..abi...you are saying the truth 🤣🤣🤣🤣🤣

just for travelling? big SCAM

Governance is about choices. When travel costs soar while citizens struggle, leaders must explain clearly what value these trips deliver and why such spending is unavoidable. Otherwise, it reinforces the belief that sacrifice is only demanded from the governed, not those governing.

Maybe from 202010 hopefully

yesloaded:
We are yet to see the positive effect of these travellings 😢

Where the trips necessary in the first place?

For those asking about the cost-benefit of those trips, another question would be that, wouldn't those anticipated benefits have still come without those trips?

For a country that is highly insecure, the focus should have been to ensure a reasonably high level of security, and investors will come naturally.