Nigerian Govt. Spends N16bn On Forex For International Trips In One Year

Confidence UbaniJuly 15, 20241 Mins read589

The Tinubu-led administration has spent about N16.06 billion on foreign currencies for international trips from June 2023 to May 2024. This is according to data from BudgIT’s GovSpend platform.

Most of the funds, N10.93 billion, were spent on President Tinubu’s international trips. The expenses were made through the State House.

Specific expenses include N82.04 million for $176,392.80 for a trip to Ghana on July 28, 2023, and numerous other travel allocations to various countries.

“At least four times, N197.70 million was utilised for the purchase of $1,000,000 for presidential trips dated July 19, 2023. Further expenditures include N71.74 million, N18.33 million, and N135.93 million for purchases of €300,000 each for the President’s trips on September 6, 2023”, Nairametrics reports.

Vice President’s Spending:

The Vice President’s international trips accounted for N101.68 million. Notable expenditures include 66 million for £1,000,000 on June 23, 2023, and N426.88 million for $483,277.00 for a trip to Switzerland on February 24, 2024.

First Lady’s Spending

The First Lady’s international travel expenses totalled N623.05 million. Critical expenditures included N149.79 million for $152,831 for a trip to France on January 4, 2024, and N202.39 million for $126,834 for a trip to Mozambique in March 2024.

Chief of Staff’s Spending

The Office of the Chief of Staff to the President spent N59.24 million on international engagements, including N46.51 million for $100,000 for a trip to the UK on August 10, 2023.

The Presidential Air Fleet expenditures amounted to N4.97 billion. This reportedly covered operational needs and preparation for international trips. Significant allocations include N387.60 million on August 15, 2023, and N2 billion on August 16, 2023.

The economic impact of these substantial expenditures is worsened by the steep decline in the naira’s value. The currency went from about N565 per dollar at the start of the administration to over N1560 per dollar in July. The nation just hit a new high of 34.19 per cent for the period ending June 2024.

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