The records show that the spending was executed through the State House, the Presidential Air Fleet, the Office of the Chief of Staff, and other units linked to the President, Vice President, First Lady, and their aides.

Of the total amount, ₦29.35 billion was spent in 2024, while ₦5.04 billion was recorded in 2025, representing an 82.8 per cent year-on-year decline. The sharp drop coincided with relative naira stability following foreign exchange reforms and improved dollar inflows.

In 2024, most of the forex spending occurred in the first half of the year, a period marked by severe exchange rate volatility and pressure on the naira.

The Presidential Air Fleet accounted for a large share of the expenditure, recording multiple high-value transactions tagged as “presidential air fleet forex transit funds.” Between March and May 2024, the fleet made five separate purchases of ₦1.27 billion each, alongside larger transactions of ₦5.08 billion on April 23 and ₦2.43 billion on May 8. Additional payments included ₦205 million in July and several August transactions of ₦1.25 billion, ₦2.21 billion, ₦1.24 billion and ₦902.9 million.

Forex outflows from the State House headquarters were also substantial. In February 2024 alone, over ₦2.5 billion was spent on foreign trips, covering ₦1.04 billion for the President’s visit to Ethiopia, ₦750 million for a trip to Dubai, ₦426.88 million for the Vice President’s trip to Switzerland, ₦176.77 million for the Vice President’s visit to Côte d’Ivoire, ₦149.79 million for the First Lady’s trip to France, and ₦86.76 million for the Vice President’s visit to Liberia.

Spending continued in March, with ₦202.39 million for the First Lady’s trip to Mozambique, ₦126.30 million for a trip to London, and ₦169.54 million for the Vice President’s estacodes related to training in the United Kingdom and the United States.

July 2024 saw a spike in forex purchases, including multiple same-day transactions of ₦739.07 million, ₦358.53 million and ₦243.32 million. A further ₦1.36 billion was spent on October 28, followed by ₦736.20 million on December 1.

In contrast, 2025 recorded a significant reduction in foreign travel-related forex spending, with total purchases falling to ₦5.04 billion. Transactions became smaller and less frequent. In April 2025, payments included ₦535.82 million, ₦57.94 million, ₦32.51 million and ₦23.67 million. Larger aviation-related transactions of ₦1.29 billion and ₦626 million were isolated, while August payments dropped as low as ₦7.67 million.

By the end of 2025, the naira closed at ₦1,429 to the dollar, a 7.4 per cent appreciation from ₦1,535/$1 at the end of 2024, marking its first annual gain since 2012 after 13 consecutive years of depreciation. Analysts attributed the improvement to forex reforms and tighter controls on government spending.

Despite the reductions, the Presidential Air Fleet remained a major source of forex demand due to dollar-denominated costs for maintenance, fuel, leasing and operations. Other notable spenders included the Office of the Chief of Staff and the First Lady’s office, with expenses listed for estacodes, accommodation, logistics and protocol.

Reacting to the figures, the Country Director of Accountability Lab Nigeria, Odeh Friday, raised concerns about the strain such spending places on public finances. “This highlights the urgent need for a shift toward greater equality and accountability in the management of public finances,” he said, adding that “some of them are clearly wasteful expenditure.”

Separately, former Labour Party presidential candidate, Peter Obi, criticised President Bola Tinubu’s overseas travels in January 2026. In a post on his 𝕏 handle, Obi wrote, “While leaders in other nations prioritise domestic governance in January, Nigeria’s president prioritises international engagements over pressing national issues.”

He added, “This month, he spent 23 days abroad across two trips, beginning the year overseas and returning on the 17th, and departing again on the 26th to Türkiye, where he remains as of January 31.” Obi questioned the necessity of the trips, asking, “What urgent matters continuously warrant his absence from the nation?”