Nigeria Cuts Medical Tourism Spending by 52% Under Tinubu, CBN Data Shows

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The Central Bank of Nigeria (CBN) revealed in its Quarterly Statistical Bulletin, released on October 24, that Nigerians spent approximately $4.74 million on foreign healthcare services from May 2023 to March 2025, covering the first 22 months of President Bola Tinubu’s administration. 

This marks a 52% decrease compared to the $9.83 million spent during the first 22 months of President Muhammadu Buhari’s tenure, from May 2015 to February 2017.

The data indicates a notable decline in medical tourism, likely due to stricter foreign exchange policies and improved access to local healthcare options. From May to December 2023, Nigerians spent $2.28 million on medical tourism, with monthly figures showing $1.28 million in May, $0.31 million in June, a sharp drop to $0.01 million in July, $0.26 million in August, $0.02 million in September, $0.10 million in October, $0.02 million in November, and $0.28 million in December.

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In 2024, expenditure further decreased to $2.40 million for the entire year. January recorded $2.30 million in revenue, with no spending in February. March saw $0.01 million in expenditures, followed by no expenditures in April, July, August, October, and December. Minimal spending was recorded in May ($0.05 million), June ($0.02 million), September ($0.01 million), and November ($0.01 million).

Early 2025 data shows continued low spending, with $0.06 million in January and no recorded expenditure in February or March.

In contrast to President Buhari’s first 22 months, medical tourism spending peaked at $3.20 million in September 2015, totalling $9.83 million. Monthly figures included $0.11 million in May 2015, $0.23 million in June and July, $0.29 million in August, $0.26 million in October, $0.33 million in November, and $0.44 million in December. In 2016, spending ranged from $0.08 million in October to $0.96 million in March. In January 2017 and February 2017, $0.18 million and $0.34 million were recorded, respectively.

The Nigerian Academy of Medicine recently expressed concern over the high rate of medical tourism, noting that Nigerians spend more than $1bn annually on healthcare abroad, a trend it said continues to drain the nation’s foreign exchange and undermine investment in local health infrastructure.

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Frequently Asked Questions (FAQs) and Answers

How much did Nigerians spend on medical tourism under President Tinubu?

Nigerians spent approximately $4.74 million on foreign healthcare services from May 2023 to March 2025, according to the Central Bank of Nigeria.

How does this compare to spending during President Buhari’s administration?

During President Buhari’s first 22 months (May 2015 to February 2017), Nigerians spent $9.83 million on medical tourism, a 52% higher amount compared to Tinubu’s tenure.

Why has medical tourism spending decreased in Nigeria?

The decline is likely due to stricter foreign exchange controls and possibly increased access to local healthcare options, as suggested by the CBN’s data.

What was the highest monthly spending on medical tourism under Tinubu?

The highest monthly spending was $2.30 million in January 2024.

What concerns has the Nigerian Academy of Medicine raised about medical tourism?

The Nigerian Academy of Medicine noted that Nigerians spend over $1 billion annually on healthcare abroad, draining foreign exchange reserves and undermining investment in local healthcare infrastructure.

How was the spending distributed in 2023 and 2024?

In 2023, spending totalled $2.28 million, with a peak of $1.28 million in May. In 2024, it fell to $2.40 million, with $2.30 million spent in January alone and minimal or no spending in several months.

Where can I find more details on Nigeria’s medical tourism spending?

The data is available in the Central Bank of Nigeria’s Quarterly Statistical Bulletin, released on October 24.