Presidency : Spent ₦34bn on Forex Transactions in Two Years

The Presidency has spent ₦34 billion on foreign exchange transactions over a two-year period, raising fresh concerns about government spending priorities amid Nigeria’s deepening economic hardship.

According to official records, the funds were expended on forex-related expenses, including foreign travel, international engagements, and other dollar-denominated obligations of the Presidency. The disclosure comes at a time when Nigerians are grappling with soaring inflation, naira depreciation, and rising costs of living.

Critics argue that such spending contrasts sharply with the government’s calls for austerity and sacrifice by citizens. They note that while ordinary Nigerians struggle with the impact of fuel subsidy removal, high food prices, and unemployment, the cost of governance continues to rise.

The revelation has also reignited debate over transparency and accountability in public finance management. Analysts question whether the scale of forex spending aligns with current economic realities, especially as the government urges restraint and seeks foreign loans to stabilize the economy.

Civil society groups have called on the Presidency to provide a detailed breakdown of the expenses and justify the necessity of such expenditures. They argue that public funds should be directed toward critical sectors such as health care, education, and security rather than excessive administrative costs.

The development adds to growing public frustration over what many describe as governance driven by propaganda rather than measurable results. With the naira under pressure and poverty levels rising, Nigerians are increasingly demanding fiscal discipline, transparency, and a reduction in the cost of governance.

As economic challenges persist, observers warn that restoring public trust will require not just policy announcements but concrete actions that reflect prudence, accountability, and empathy for the struggles of citizens.