IMF Cautions Nigeria on Fiscal Discipline as Tinubu’s Foreign Travel Budget Hits N6.1 Billion for 2025

By Big News Nigeria

Washington, D.C. / Abuja – April 24, 2025

The International Monetary Fund (IMF) has urged the Nigerian government to exercise greater prudence in its fiscal decisions, warning against wasteful expenditure amidst ongoing economic challenges.

Speaking at the 2025 IMF/World Bank Spring Meetings in Washington, D.C., Davide Furceri, Division Chief in the Fiscal Affairs Department of the IMF, commended Nigeria for initiating difficult fiscal reforms but stressed the urgent need for continued discipline in public spending.

“Nigeria has taken steps in the past to stabilize its fiscal environment through tough reforms,” Furceri noted. “However, sustainable progress depends on how efficiently resources are allocated moving forward. Spending needs are pressing, but they must be met with careful prioritization and fiscal responsibility.”

This advisory comes at a time when the Nigerian government faces increasing scrutiny over its spending habits, especially concerning travel expenses by top government officials.

A review of the 2025 approved national budget reveals that President Bola Ahmed Tinubu has earmarked a total of N6.1 billion for international travel alone. An additional N873 million is allocated for domestic trips, bringing the total travel budget for the presidency to nearly N7 billion in the upcoming fiscal year.

Vice President Kashim Shettima is also expected to spend N1.3 billion on international travel, along with N417 million for domestic engagements.

Critics have questioned the justification for such large travel expenditures, particularly at a time when the nation is grappling with inflation, debt servicing burdens, and sluggish economic growth.

In 2024, figures from the Open Treasury Portal showed that the presidency spent a staggering N36.3 billion on international travel, with N12.2 billion going toward travel-related training and N24.1 billion categorized as other international travel expenses. Domestic travel costs were also high, totaling N47 billion, making the combined travel expenses for the year exceed N83 billion.

Despite mounting criticism, Minister of Foreign Affairs, Ambassador Yusuf Maitama Tuggar, has continued to defend the administration’s travel record. In a recent media appearance, Tuggar insisted that the foreign trips undertaken by President Tinubu are vital for Nigeria’s economic diplomacy and foreign investment drive.

He pointed to a recent visit to Brazil, where the president reportedly secured a $2 million investment aimed at bolstering Nigeria’s livestock sector and resolving long-standing conflicts between herders and farmers.

“President Tinubu’s travels are yielding tangible benefits,” Tuggar asserted. “These are strategic engagements that other nations are also competing for. We should not be asking whether we are spending too much on travel — we should be asking if we are travelling enough.”

As debates continue, observers argue that while international engagement remains key to attracting foreign investment, transparency, accountability, and prioritization of resources must guide the administration’s fiscal choices, particularly during a time of heightened economic strain.