On July 17, 2024, the State House recorded a total expenditure of N1.5 billion on foreign exchange purchases, as detailed in a review of the public payment portal, Govspend, powered by BudGIT.
The expenditure included multiple transactions of N149.047 million, N358.527 million, N243.322 million, N739.074 million, and N73.070 million.
The total amount spent on that day was N1.562 billion. While the transactions were categorized as forex purchases, historical data suggests that such expenditures often fund foreign trips by the State House. For example, a review revealed that President Bola Tinubu previously incurred N1.041 billion for a trip to Addis Ababa, Ethiopia, for the African Union summit, indicating a similar potential purpose for the recent spending.
Additional data from the public payment portal shows that the Nigerian government spent N473 million on First Lady Oluremi Tinubu’s travels to three countries: the UK, Mozambique, and Ethiopia. The expenses were broken down as follows: N126.295 million for her trip to London in March 2024 (approximately $83,967), N144.571 million for her trip to Addis Ababa, Ethiopia, on February 9, 2024 (about $96,118), and N202.386 million for her trip to Mozambique in March 2024 (around $126,834). The exchange rate for these transactions was approximately N1,504 per dollar.
When combined with the N126.295 million spent on her London trip, the total comes to N473 million. This expenditure, particularly when compared to the N1 billion spent on President Tinubu’s trip on February 9, 2024, raises concerns about the transparency and accountability of government spending on foreign trips. The cumulative costs have prompted calls for reduced governance expenses and raised questions about the prioritization of government spending amid concerns about poor revenue.
Credit: SaharaReporters