Tinubu Presidency Spends N1.5Billion On Foreign Exchange In One Day
A breakdown of the transactions reveals that multiple payments were made as follows: N149.047 million, N358.527 million, N243.322 million, N739.074 million and N73.070 million.
A review of the public payment portal, Govspend, powered by BudGIT, shows that the State House incurred a total expenditure of N1.5 billion on foreign exchange purchases on July 17, 2024.
A breakdown of the transactions reveals that multiple payments were made as follows: N149.047 million, N358.527 million, N243.322 million, N739.074 million and N73.070 million.
These transactions cumulatively amount to N1.5 billion, sparking interest in the significant foreign exchange expenditure by the State House on a single day.
On July 17, the State House incurred a total expenditure of N1.562 billion on foreign exchange purchases. Although the transaction was categorised as a forex purchase, historical precedents suggest that such transactions typically facilitate foreign trips by the State House.
Notably, a review of the public payment portal, revealed that President Bola Tinubu previously spent N1.041 billion on his trip to Addis Ababa, Ethiopia, for the African Union summit, hinting at a possible similar purpose for the recent transaction.
According to data from the public payment portal, the Nigerian government incurred a total expenditure of N473 million to sponsor First Lady Oluremi Tinubu’s trips to three countries: UK, Mozambique, and Ethiopia. A breakdown of the expenses reveals that N126.295 million was spent on her trip to London in March 2024, equivalent to $83,967.00.
Further analysis reveals that N144.571 million (approximately $96,118) was spent on her trip to Addis Ababa, Ethiopia, on February 9, 2024 while N202.386 million (approximately $126,834) was spent on her trip to Mozambique in March 2024.
The exchange rate used for this transaction was approximately N1,504 per dollar.
These expenses, combined with the previously reported N126.295 million spent on her London trip, total N473 million. This raises concerns about the transparency and accountability of government spending on such trips, particularly when the President’s trip on February 9, 2024, cost $692,265 (over N1 billion).
The government faces calls to reduce the cost of governance and lamentations about poor revenue.
The cumulative expenditure on these foreign trips sparks questions about the prioritization of government spending.
