NIGERIA’s expenditure on foreign medical services has dropped sharply by 52 per cent under the administration of President Bola Ahmed Tinubu, according to the latest data from the Central Bank of Nigeria (CBN).
A review of the CBN’s Quarterly Statistical Bulletin, obtained by News Point Nigeria, revealed that Nigerians spent a total of $4.74 million on foreign healthcare-related services between May 2023 and March 2025, President Tinubu’s first 22 months in office.
The figure marks a steep decline compared to the $9.83 million recorded during former President Muhammadu Buhari’s first 22 months (May 2015–February 2017), signalling a significant slowdown in medical tourism spending.
The CBN report suggests that tighter foreign exchange controls, limited access to foreign currency, and possibly improved confidence in local healthcare delivery may have contributed to the decline.
From May to December 2023, Nigerians spent about $2.28 million on medical tourism. A monthly breakdown showed that $1.28 million was recorded in May, $0.31 million in June, and a dramatic fall to just $0.01 million in July.
Spending slightly recovered to $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.
The trend continued into 2024, when total annual spending stood at $2.40 million. The report showed $2.30 million was spent in January, while no spending was recorded in February.
Only $0.01 million was recorded in March, $0.00 in April, $0.05 million in May, $0.02 million in June, and zero expenditure in both July and August. September saw $0.01 million, while October recorded none. In November, $0.01 million was logged, and December again showed no spending.
For the early months of 2025, the report showed that medical tourism remained subdued, with just $0.06 million recorded in January and zero spending for both February and March.
By comparison, data from the Buhari era paints a starkly different picture. Between May 2015 and February 2017, Nigerians spent $9.83 million on medical tourism, with monthly outflows ranging from as low as $0.08 million to as high as $3.20 million in a single month (September 2015).
During that period, spending stood at $0.11 million in May 2015, $0.23 million in June and July respectively, $0.29 million in August, and a spike to $3.20 million in September. The following months showed $0.26 million in October, $0.33 million in November, and $0.44 million in December.
In 2016, the trend continued with $0.35 million in January, $0.38 million in February, $0.96 million in March, $0.67 million in April, and roughly $0.46 million in May and June.
Spending dipped to $0.21 million in July through September, then slid to $0.08 million in October, $0.10 million in November, and $0.13 million in December. Early 2017 figures recorded $0.18 million in January and $0.34 million in February.
The contrast between the two administrations underscores how changing macroeconomic conditions, policy decisions, and forex availability influence Nigerians’ access to overseas medical treatment.
Health and economic experts have attributed the drop to a combination of economic constraints, rising foreign exchange scarcity, and growing investments in local healthcare.
Dr. Femi Olowolagba, a health policy analyst, told News Point Nigeria that while the decline could partly reflect progress in Nigeria’s medical infrastructure, it also exposes the impact of forex rationing.
“Many Nigerians can no longer afford foreign healthcare, not necessarily because they are fully satisfied with local services but because access to dollars has become extremely tight,” he said.
He, however, added that “the drop also suggests that local hospitals are gradually filling some of the treatment gaps that used to force patients abroad.”
Despite the drop, the Nigerian Academy of Medicine (NAMed) recently expressed concern that the country still loses significant foreign exchange to medical tourism estimated at over $1 billion annually when accounting for private, unrecorded spending.
NAMed noted that many wealthy Nigerians still travel abroad for complex surgeries, diagnostics, and chronic disease management, thereby undermining domestic healthcare investment.
“The government must sustain health sector reform, improve hospital equipment, and incentivise Nigerian doctors abroad to return home,” the body said in a statement earlier this month.
Economist Dr. Ifeanyi Ogu observed that “a true victory against medical tourism will only come when Nigerians choose local healthcare because it is better not because they can’t afford to go abroad.”