In 2024, the Nigerian Presidency allocated more than N23 billion to purchase foreign currencies essential for the international travels of key government executives, including President Bola Tinubu, Vice President Kashim Shettima, and First Lady Oluremi Tinubu. This figure, compiled by GovSpend—a government spending tracker managed by BudgIT—reveals a sharp rise from the N18.63 billion spent in 2023, marking an approximate 23% increase within a year.

The surge in expenditure reflects the growing frequency and scale of official foreign trips undertaken by Nigeria’s top leaders. While government officials stress that these journeys remain crucial for diplomatic relations and international engagements, the increasing costs highlight broader economic pressures affecting Nigeria’s foreign exchange market.

Rising Costs Amid Economic Challenges

Throughout 2024, Nigeria faced significant economic difficulties, including a depreciating naira and fluctuating exchange rates. Consequently, maintaining the country’s diplomatic footprint abroad has become far more expensive. The sharp increase in foreign exchange spending on travel mirrors the challenges the Nigerian economy faces, which in turn exerts pressure on government resources.

Officials justify the expenditures by emphasizing the importance of these trips in fostering international partnerships, securing investments, and advancing Nigeria’s geopolitical interests. However, critics argue that such rising costs raise questions about fiscal prudence and efficiency.

Breakdown of Presidential Travel Expenses

President Bola Tinubu’s international travels accounted for the largest portion of the foreign currency outlay in 2024. The government spent N1.04 billion on the President’s trip to Ethiopia in February. Following this, authorities allocated N1.27 billion in March to support the presidential air fleet’s foreign exchange transit needs.

Furthermore, April saw the government direct a substantial N5.07 billion toward operational costs and foreign exchange demands related to the President’s air fleet. This figure includes expenses not only for international travel but also for aircraft maintenance and operational readiness, underscoring the significant financial burden of sustaining the fleet.

The maintenance of the presidential air fleet remains a costly endeavor, especially given the need for ensuring the safety, reliability, and flexibility of Nigeria’s highest office during overseas visits. This spending reflects the government’s commitment to uphold Nigeria’s diplomatic presence through secure and efficient air travel.

Vice President and First Lady’s International Travel Costs

Vice President Kashim Shettima’s foreign trips also contributed significantly to the total foreign exchange expenditure in 2024. The government financed his January visit to Switzerland with N426.88 million and allocated an additional N176.77 million for his trip to Côte d’Ivoire later the same month.

Overall, the Vice President’s foreign exchange spending approached N750 million in 2024. This marked an upward trend compared to previous years, illustrating the growing cost of diplomatic missions carried out by the second-highest executive in Nigeria.

Similarly, the First Lady, Oluremi Tinubu, accounted for a notable share of the travel-related foreign currency expenses. In January, her trip to France cost the government N149.79 million, while her March visit to Mozambique required N202.39 million. Altogether, her international travel expenses exceeded N478 million for the year, reflecting the increasing scale of official activities involving the First Lady’s office.

Expenditure from the Chief of Staff’s Office

The Office of the Chief of Staff plays a vital role in coordinating and facilitating the President’s engagements abroad. In 2024, this office purchased foreign currencies worth N94.7 million to support various official functions, including high-profile diplomatic activities and preparations for global conferences.

A significant portion of this spending—N46.5 million—went toward foreign exchange for the President’s trip to the United Kingdom in August 2023. In addition, the office set aside N12.7 million for logistical preparations related to Nigeria’s participation in the 78th session of the United Nations General Assembly held in the United States later in the year.

Moreover, the Chief of Staff’s office spent an extra N5.1 million on other necessary foreign exchange purchases to ensure smooth operations for official visits and events abroad.

Implications for Nigeria’s Fiscal Health

The upward trend in foreign exchange spending for executive travel raises important questions about Nigeria’s fiscal management. As the naira continues to depreciate against major currencies, the cost of sustaining international diplomatic efforts places a heavier burden on government finances.

Critics suggest that the government should explore cost-cutting measures or alternative strategies to manage travel expenses without compromising Nigeria’s diplomatic influence. Proposals include more efficient use of the presidential air fleet, prioritizing critical trips, and enhancing virtual diplomacy where possible.

On the other hand, supporters argue that investing in high-level international engagements is essential for securing Nigeria’s interests on the global stage. They emphasize that face-to-face diplomacy remains irreplaceable in building relationships and negotiating critical agreements.

Navigating Economic Realities and Diplomatic Needs

In summary, the Nigerian government’s foreign currency expenditure on the international travel of its top executives surged significantly in 2024, reflecting both increased diplomatic activity and challenging economic conditions. Maintaining a robust diplomatic presence abroad demands substantial resources, particularly amid a volatile currency market and broader economic pressures.

Moving forward, balancing fiscal responsibility with the need to uphold Nigeria’s international stature will remain a key challenge for policymakers. Careful scrutiny of travel spending and strategic prioritization of official trips could help ensure that Nigeria’s diplomatic efforts remain effective and sustainable in the long term.