Amid Economic Struggles and Inflation, Tinubu Allocates N2.3bn to Foreign Travel in Six Months

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Despite the severe economic challenges and rising inflation in Nigeria, President Bola Tinubu has spent over N2.3 billion on international trips and associated expenses between February and July, as per estimates by BusinessDay.

Amid widespread public discontent, Nigerians recently engaged in a 10-day protest demanding an end to poor governance. Their calls included the reinstatement of fuel subsidies, the release of protesters detained since October 2020, and a reversal of the increased electricity tariffs.

Earlier in May 2024, BusinessDay reported that within a year, Tinubu had visited over 10 countries, incurring over N3.4 billion in expenses for both local and international trips.

According to data from GovSpend, a platform affiliated with BudgIT that tracks government expenditures, between February 21 and July 19, 2024, the President allocated N2,346,623,000 for foreign trips.

Details from the platform reveal that on February 21, 2024, the State House in Abuja authorized a payment of N300 million to cover presidential travel expenses for January. Additional payments included N250 million on February 24, and several other payments in March, ranging from N9 million to N42 million, all earmarked for similar purposes.

The federal government also spent N2.9 billion on foreign exchange between February 24 and March 15, 2024, to fund international trips for President Tinubu, his wife, and Vice President Kashim Shettima. This included a N750 million expenditure on foreign currency for Tinubu’s trip to Dubai, UAE, on February 24.

While Nigeria experienced a slight relief in inflation, which dropped to 33.4% in July 2024 from 34.19% in June 2024, the economic situation remains dire. The Central Bank of Nigeria has raised the interest rate by 800 basis points this year to combat persistently high inflation.

Despite the economic hardship, on August 19, Tinubu traveled to France for a "work stay" aboard a newly acquired private jet. The jet, an Airbus A330 business model registered with the Nigerian Air Force, was recently purchased for $100 million. The acquisition and subsequent trip have drawn criticism as Nigerians grapple with a severe cost-of-living crisis.

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