NAIRAMETRICS
The Presidency through the State House has spent at least N16.06 billion to buy foreign currencies for international trips in the past one year under the administration of President Bola Tinubu.
This is according to an analysis of data from GovSpend, a platform by BudgIT, which tracks, analyses and presents Federal Government spending over time.
Covering a period from June 23, 2023, to May 25, 2024, the data includes spending by the president, vice president, First Lady, and the Chief of Staff to the President.
It also includes the purchase of foreign exchange (forex) for the Presidential Air Fleet.
In the 2024 budget, the State House, President, and Vice President have a total budgetary allocation of N14.5 billion for international trips. There is no allocation for the First Lady and Chief of Staff to the President for international travel.
The GovSpend data shows that about N6.24 billion was spent in 2023 between June and December. By 2024, about N9.82 billion has been spent between January and May.
It means that the Presidency has spent about 67.72% of its international trips budget in the first five months of 2024.
What the data is saying
President’s spending: The majority of the amount was spent by the president for his international trips. The President’s forex purchase was significantly higher, totalling N10.93 billion.
These funds were allocated for numerous international trips, including high-value purchases of foreign currency to support diplomatic missions and engagements abroad.
The President’s spending includes N82.04 million for the purchase of $176,392.80 for a trip to Ghana on July 28, 2023.
For various other international trips and replenishments of foreign exchange reserves, amounts such as N152.37 million, N228.55 million, and N146.65 million were expended on August 4, 2023, for purchases of $200,000, $300,000, and $315,300, respectively.
At least four times, N197.70 million was utilized 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.
Vice President’s spending: The total expenditure for the Vice President amounted to N101.68 million. This includes expenses for purchasing foreign currency for various international trips and other related costs. On June 23, 2023, N58.66 million was allocated for the purchase of £1,000,000 (approx. $1,000,000) in UK Pounds for the Vice President.
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