President Bola Tinubu's administration is facing intense public criticism following revelations that the Presidency spent at least ₦34.39 billion on foreign exchange purchases for international travels and related obligations over a two-year period (2024–2025).
According to an investigative report by Punch Newspapers, the figure was compiled from data on GovSpend, a transparent government expenditure tracker managed by BudgIT. The spending covered forex needs for the State House, Presidential Air Fleet, and offices of the President, Vice President, and First Lady—including flight costs, estacodes (daily allowances), logistics, aviation fuel, and other trip-related expenses.
Key highlights from the data:2024 accounted for the lion's share at ₦29.35 billion, reflecting frequent foreign engagements.
2025 saw a significant reduction to ₦5.04 billion—an 83% drop—attributed partly to improved naira stability and possibly stricter fiscal controls.
Destinations included diplomatic hubs like Ethiopia, France, Switzerland, Côte d’Ivoire, Liberia, Dubai, and others, often justified by the Presidency as essential for attracting investments, strengthening bilateral ties, and advancing Nigeria's global interests.
Despite these defenses, the cumulative amount has ignited widespread outrage on social media, among civil society groups, and opposition voices.
Critics argue the expenditure is extravagant and insensitive given Nigeria's ongoing economic challenges: persistent high inflation, food insecurity, unemployment, and widespread poverty affecting millions.
Prominent reactions include:
Former Labour Party presidential candidate Peter Obi, who has repeatedly questioned the priority of frequent overseas trips over urgent domestic issues. He noted that President Tinubu spent 23 days abroad in January 2026 alone.
Online commentators and influencers labeling the spending as "wasteful" and "tone-deaf," with some calling for greater transparency and austerity from the executive branch.
Broader calls from accountability advocates for the government to justify the returns on these investments in tangible benefits for ordinary Nigerians.
The Presidency has not issued a formal denial of the figures but continues to emphasize that such diplomatic shuttles are necessary for national development.
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