By Muhammad Mamman
The Presidency spent at least N34.39 billion on foreign exchange purchases to cover international travel and other related obligations over a two-year period, official records have shown.
The expenditure, incurred amid persistent pressure on Nigeria’s foreign exchange market, covered costs linked to overseas trips, diplomatic engagements and associated international commitments undertaken by the Presidency.
The revelation has reignited public debate over government spending priorities, particularly at a time when the naira has faced sustained volatility and citizens continue to grapple with rising living costs.
Analysts say the scale of the outlay underscores the heavy FX demands of governance at the highest level, while also highlighting the broader strain on the country’s external reserves. Critics, however, argue that such spending should be more restrained and transparent, especially during periods of economic adjustment.
The Presidency has consistently maintained that foreign travels by top government officials are necessary to advance Nigeria’s diplomatic, economic and security interests, including attracting investment, strengthening bilateral relations and representing the country at key international forums.
Nonetheless, the N34.39bn figure is expected to intensify calls from lawmakers and civil society groups for tighter controls on foreign exchange spending and greater accountability in the use of public funds.
