Despite persistent calls to reduce the cost of governance, the State House has spent a staggering ₦7.4 billion on foreign currency purchases and vehicle procurement within four months, an investigation by Saturday FrontPage reveals.
This lavish spending coincides with extensive foreign travel by President Bola Tinubu and Vice President Kashim Shettima, who collectively spent 180 days abroad within 17 months of assuming office. Tinubu, with a higher travel frequency, logged 124 days across 16 countries in 29 trips, accumulating over 127 flight hours. Shettima, on the other hand, spent 56 days in 10 countries on 12 trips, with over 93 flight hours.
In Tinubu’s first six months in office, between June and December 2023, the State House spent ₦3.4 billion on local and foreign travel—36% more than the ₦2.49 billion budgeted for such expenses in 2023. From January to March 2024, an additional ₦5.24 billion was spent on the travel expenses of Tinubu, Shettima, and First Lady Remi Tinubu.
Key expenditures during this period included ₦1.35 billion for travel-related provisions, ₦3.53 billion for foreign currency purchases during 10 international trips, and ₦637.85 million for air tickets procured through two travel agencies. Notably, ₦3 billion was approved for three bulletproof Mercedes Benz S-class 580 vehicles and other State House vehicles.
From July to October 2024, State House spending on foreign currency purchases surged, reaching ₦4.2 billion. Payments included ₦38.9 million on July 13 and ₦1.49 billion in four tranches on July 17. On October 11, ₦589 million was spent in three tranches, and another ₦1.4 billion in three tranches on October 28.
Additionally, on August 18, ₦3.43 billion was paid to Laralek Ultimate Limited for 16 Toyota Prado V6 vehicles (2023/2024 models). Within the same period, ₦1.5 billion was allocated to air tickets for domestic and international travels.
This revelation underscores the rising financial burden of governance and raises questions about fiscal priorities amidst Nigeria’s economic challenges.
