Fresh data from the government spending tracker, GovSpend, has sparked a national debate in Nigeria following revelations that the Presidency spent ₦34.39 billion on foreign exchange for international travel and related obligations over the past two years.
The figures, compiled by BudgIT, show a massive surge in 2024, which accounted for ₦29.35 billion of the total expenditure. This represents a significant portion of the government’s discretionary spending during a period marked by record-high inflation and a major cost-of-living crisis. However, the data also highlights a sharp decline in 2025, where forex spending for presidential travel dropped to ₦5.04 billion, a decrease that some analysts attribute to the 60% travel cost-reduction directive issued by President Bola Tinubu in late 2024.
Throughout 2024, the expenditure covered a wide range of high-profile diplomatic activities, including the President’s participation in the UN General Assembly, regional ECOWAS summits, and bilateral trade missions. A significant portion of the funds was also directed toward the maintenance and operational “transit funds” for the Presidential Air Fleet (PAF), which remains one of the costliest components of the executive budget.
Critics and civil society groups have voiced concerns over the optics of such high spending while the administration implements aggressive tax reforms, including a recent hike in Value-Added Tax (VAT) from 7.5% to 12.5%. Opposition leaders have described the travel costs as “insensitive” to the plight of millions of Nigerians grappling with the removal of petrol subsidies and a volatile Naira.
In defense of the spending, government spokespersons maintain that the international engagements are vital for securing foreign direct investment and restoring Nigeria’s standing in the global community. They point to the recent rise in foreign reserves, which hit a seven-year high of $47 billion in early 2026, as evidence that the administration’s “shuttle diplomacy” and fiscal reforms are yielding macroeconomic results.
For the Nigerian diaspora, the transparency of these figures via trackers like GovSpend marks a shift in accountability. As the 2026 “Budget of Consolidation” moves through the National Assembly, public pressure is mounting for the government to ensure that “fiscal discipline” applies to the corridors of power as much as it does to the average citizen.
