An analysis of government spending data reveals the Presidency spent at least N34.39 billion on foreign exchange for international travel and related obligations over 2024 and 2025. According to records from the GovSpend tracker, the bulk of the expenditure occurred in 2024, totalling N29.35 billion, while 2025 saw a significant decline to N5.04 billion, coinciding with naira stabilisation.
The transactions, linked to the State House, Presidential Air Fleet, and offices of the President and Vice President, covered costs for official trips, aviation operations, estacodes, and logistics. The data has intensified scrutiny over the cost of maintaining the presidential fleet and the return on investment from high-level foreign engagements amid Nigeria’s fiscal challenges.
Key Points:
The data provides a quantitative basis for the long-standing public debate about the cost of presidential travel and its impact on the nation’s foreign exchange reserves.
The sharp 82.8% decline in forex spending in 2025 is attributed to both exchange rate stabilisation and potentially tighter controls on official travel.
The Presidential Air Fleet emerged as a major forex consumer, with transactions highlighting the high cost of maintaining and operating official aircraft for international trips.
The figures renew calls for greater transparency and a cost-benefit analysis of diplomatic travels, especially regarding their tangible outcomes for the economy.
The timing of the revelations amplifies existing political criticism of the administration’s travel frequency and its alignment with pressing domestic needs.
While the reduction in 2025 suggests some fiscal adjustment, the cumulative N34bn expenditure underscores the significant resource allocation to statecraft and executive mobility, demanding greater public accountability for its results.
Sources: The Punch, BudgIT’s GovSpend