Nigerian Presidency spends N16.06 billion on forex for international trips in one year, sparking debate amid economic challenges. President Tinubu's trips account for the majority of spending. Nigerians question priorities as the naira depreciates by 70.3% against the dollar. The government defends the diplomatic necessity of international engagements.
In a revelation that has sparked debate across Nigeria, data from BudgIT's GovSpend platform shows that the Nigerian Presidency has allocated a staggering N16.06 billion for foreign currency purchases to facilitate international trips over the past year. This expenditure, covering the period from June 2023 to May 2024, has drawn scrutiny amidst the country's ongoing economic challenges.
President Bola Tinubu's administration has spent the lion's share of this amount, with presidential trips accounting for N10.93 billion. The breakdown of expenses includes allocations for the Vice President, First Lady, Chief of Staff, and the Presidential Air Fleet.
This substantial forex spending comes at a time when Nigeria grapples with severe economic headwinds. The naira has depreciated by 70.3% against the dollar since May 2023, significantly inflating the cost of these international engagements. What would have cost N464.5 million in May 2023 now requires N1.56 billion, highlighting the impact of currency devaluation on government expenditures.
Nigerians argue that such lavish spending on foreign travel is ill-timed given the country's economic woes. However, supporters of the administration contend that maintaining international diplomatic ties is crucial for Nigeria's global standing and economic interests.
The transparency provided by the GovSpend platform has fueled public discourse on fiscal responsibility and prioritization of government spending. As Nigeria navigates its economic challenges, the balance between necessary diplomatic engagements and prudent financial management remains a contentious issue.
