The Coalition for United Political Parties (CUPP) has called on President Bola Tinubu to halt his frequent foreign travels, urging him to focus on the local issues that are pushing investors away from Nigeria’s fragile economy. Peter Ameh, the National Secretary of CUPP, made the appeal in a recent statement issued in Abuja.
A Costly Gamble: Billions Spent with Little Return
According to the CUPP, President Tinubu’s continuous overseas trips have proven costly with limited returns. Despite his promises to attract investment, the nation has seen little progress in terms of tangible economic results. “While these trips are sold as vital for securing foreign investments, the reality remains disappointing,” the statement emphasized. “Where are the promised investors and the impactful investments?”
The coalition pointed out the hefty financial burden these travels have placed on the country, estimating that over N36 billion was spent on foreign trips in 2024 alone. Trips to France, India, Brazil, and the US incur significant costs, including expenses for flights, accommodations, and large delegations.
Foreign Investment Fails to Materialize
The government has insisted that these trips will result in foreign direct investment (FDI), with Minister Jumoke Oduwole claiming over $50 billion in commitments. However, CUPP remained skeptical, noting that Nigeria recorded just $29.83 million in FDI in the second quarter of 2024, the lowest in over a decade. Meanwhile, 33 million Nigerians are battling food insecurity, according to the World Food Programme.
Public Outcry: Lavish Spending Amid National Hardship
CUPP expressed concern over the stark contrast between the extravagant spending on foreign travel and the lack of visible benefits for the average citizen. “As inflation, unemployment, and rising costs of living take a toll on Nigerians, the absence of substantial investment only fuels frustration and a sense of unfulfilled promises,” the statement added.
The group criticized the optics of lavish spending amid widespread hardship, suggesting that the president’s international tours appear more focused on prestige than practical progress. “While citizens struggle with economic challenges, these trips seem to prioritize appearance over actual solutions,” it said.
CUPP concluded by urging President Tinubu to re-evaluate his approach. “These international excursions have yet to yield the promised results. It’s time to focus on domestic realities, like security, infrastructure, and economic stability, that are keeping investors at bay,” the group stated. Until then, these lavish trips could continue to symbolize misplaced priorities in a nation desperately in need of tangible solutions.
