Presidency forex spending
When governments talk about cutting costs, Nigerians listen closely. Not because austerity is new, but because the gap between policy language and public experience has grown wider. That is why recent data showing that the Nigerian Presidency spent ₦34.39bn on foreign exchange for international travel and related obligations within two years deserves more than passing attention.
This is not a rumour. It is not opposition spin. It is drawn directly from GovSpend, a public spending tracker managed by BudgIT, using official government transaction records.
This explainer breaks down what the Presidency forex spending figure actually means, how it was incurred, where the bulk of the money went, and why the timing of the spending matters.
What Does “Presidency Forex Spending” Really Cover?
The phrase Presidency spends ₦34bn on forex can sound abstract, but the transactions behind it are specific.
According to GovSpend data, the forex purchases were made by:
• The State House
• The Presidential Air Fleet
• The Office of the Chief of Staff
• Operational units linked to the President, Vice President, First Lady, and their aides
In simple terms, this spending covers:
• Foreign exchange for international trips
• Aviation-related foreign obligations
• Payments that require dollar-denominated settlement
• Official travel logistics tied to presidential duties
This is not a single expense, but a pattern of repeated forex purchases spread across dozens of transactions.
The Two-Year Breakdown: Why 2024 Stands Out
A closer look at the numbers shows a striking imbalance.
• 2024: ₦29.35bn
• 2025: ₦5.04bn
• Total: ₦34.39bn
That means over 85 per cent of the Presidency forex spending occurred in 2024 alone.
This matters for two reasons.
First, 2024 coincided with Nigeria’s most intense period of currency volatility, when the naira experienced sharp depreciation following foreign exchange reforms.
Second, this was also a period when the Federal Government publicly urged Nigerians to endure hardship, tighten belts, and accept rising costs as part of economic adjustment.
The contrast between public sacrifice and executive spending is what gives this data its weight.
https://ogelenews.ng/presidency-forex-spending-34bn-two-years
Is This Spending Illegal or Unusual?
On its face, no law was broken.
Every modern presidency incurs foreign travel costs. Diplomacy, multilateral summits, security meetings, and international negotiations all require movement beyond Nigeria’s borders.
What raises concern is not the existence of the spending, but:
• The scale
• The timing
• The lack of detailed public explanation
Nigeria is not unique in funding presidential travel. What citizens expect, however, is clarity and proportionality, especially during economic strain.
Why Forex Spending Hits a Nerve
Foreign exchange is not a neutral resource in Nigeria.
Every dollar spent by government institutions:
• Adds pressure to an already fragile forex market
• Competes with importers, manufacturers, and students paying fees abroad
• Signals priorities in times of scarcity
When the Presidency spends ₦34bn on forex within two years, it inevitably becomes part of a wider national conversation about:
• Fiscal discipline
• Symbolic leadership
• Burden-sharing during reforms
This is why Presidency forex spending has drawn public scrutiny beyond routine budget analysis.
The Presidential Air Fleet Factor
A significant portion of the spending is linked to the Presidential Air Fleet, one of the most expensive arms of executive logistics.
Aircraft maintenance, fueling, insurance, and technical servicing are largely denominated in foreign currency. Even routine servicing often requires dollar payments.
Critics have long argued that:
• The fleet is oversized
• Chartering planes could be cheaper for some trips
• Cost-benefit audits should be made public
Supporters counter that national security and diplomatic reliability demand full presidential control over air assets.
Both arguments exist. What remains missing is transparent accounting presented in plain language to citizens.
What Changed in 2025?
The sharp drop from ₦29.35bn in 2024 to ₦5.04bn in 2025 suggests one of three things:
1. Reduced foreign travel
2. Tighter controls on forex purchases
3. Incomplete-year data, since 2025 is still ongoing
Without official clarification, the public is left to infer. This uncertainty is avoidable.
Clear quarterly disclosures would prevent speculation and build trust.
Why This Explainer Matters
This story is not about attacking the Presidency. It is about context.
Nigeria is navigating:
• High inflation
• Rising fuel costs
• A struggling naira
• Public frustration with elite insulation from hardship
In that climate, every billion naira spent carries symbolic weight.
An informed democracy depends on citizens understanding not just how much was spent, but why, when, and with what safeguards.
Presidency forex spending
