Lucky Obukohwo, Reporting
A group on the aegis of Coalition for United Political Parties (CUPP) has called on President Bola Tinubu to focus on reviving the nation’s moribund economy and stop his frequent foreign trips that have yielded no meaningful results.
The group in a statement by its National Secretary, Peter Ameh, decried that since assumption of office, President Tinubu had embarked on several international trips, promising to secure investments but the journeys had come at a staggering cost to the nation’s treasury, despite framing them as critical missions to attract foreign capital.
“Yet, as the bills pile up, a pressing question looms large: where are the investors? Where are the tangible investments promised to Nigerians? Despite the grand announcements and optimistic rhetoric, the results remain elusive, leaving many to wonder if these expensive excursions are little more than a mirage in the desert of Nigeria’s economic woes.
“The financial burden of President Tinubu’s travels is undeniable. Reports indicate that in his first two years, the administration has spent billions of naira on international trips, with estimates suggesting over N36 billion allocated to foreign travel in 2024 alone.
“Each journey, whether to France, India, Brazil or the United States, carries a hefty price tag, covering airfare, accommodations and entourages that, until recently, were criticised for their excessive size.
“The government has defended these expenditures as necessary to court foreign direct investment (FDI) with officials like the Minister for Industry, Trade and Investment, Jumoke Oduwole, claiming that over $50 billion investment commitments have been secured. Yet, the reality on the ground tells a different story,” the statement read.
Criticising the foreign trips, CUPP noted that, “the disconnect between cost and return is perhaps the most galling aspect of this saga.
“Nigerians, grappling with inflation, unemployment, and cost of living crises, but see little evidence of the prosperity these trips were meant to deliver.
“The $29.83 million in FDI recorded in Q2 2024, the lowest in over a decade, stands as a damning indictment of the administration’s strategy. Meanwhile, the president’s assurances ring hollow against the backdrop of a nation, where 33 million people face food insecurity, according to the World Food Programme (WFP).
“The optics of lavish spending on foreign travel, while citizens endure economic hardship, fuel a growing sentiment that these trips are more about prestige than progress. If the goal was to showcase Nigeria as an investment destination, the results suggest the message isn’t resonating.
“President Tinubu’s international trips represent a costly gamble that has yet to pay off. The question, “Where are the investors?” echoes as a plea for accountability, unanswered by the trickle of investments that have materialised. With so much spent and so little to show for it, Nigerians have every right to demand more than promises.
“The president must shift focus from the global stage to the domestic realities that repel investors, including security, infrastructure and economic stability.
“Until then, these expensive journeys risk being remembered not as a triumph of diplomacy, but as a symbol of misplaced priorities in a nation desperate for real change,” CUPP said.