Home News Finance Nigerian Govt. Spends N16bn On Forex For International Trips In One Year
FinanceNews

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

417

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.

Read more: Tinubu’s Govt Seeks Another $50 Million World Bank Loan for Solar Projects, Prepaid Meters, Others

Tinubu to Submit Minimum Wage Bill to National Assembly Next Week Despite Inconclusive Negotiations With NLC

About The Author

Related Articles

Mali Morila Gold Mine
BusinessNews

Mali Takes Over Once-Leading Morila Gold Mine for $1 in Bid to Revive Production

The Malian government has officially taken over Société des Mines de Morila...

Malian Customs Cocaine
News

Malian Customs Seize Over 100 Kilogrammes of Cocaine in Major Operation

Malian customs officials seized more than 100 kilogrammes of pure cocaine on...

News

Youth-Led Protests Erupt in Togo Against Government Corruption, Abuse of Power, and Repression on President’s Birthday

On June 6, coinciding with President Faure Gnassingbé’s birthday, youth-led protests erupted...

NewsTravel

Chad Suspends Visas for US Citizens in Response to Trump’s Recent Travel Ban

Chad has announced the suspension of visa issuance to United States citizens,...