Nigerians spent about $4.74 million on foreign healthcare services between May 2023 and March 2025, according to the latest Quarterly Statistical Bulletin released by the Central Bank of Nigeria (CBN).
The figure represents the total amount spent on medical tourism during President Bola Tinubu’s first 22 months in office, marking a 52 per cent decline compared to the $9.83 million spent during former President Muhammadu Buhari’s first 22 months.
The data indicates a sharp reduction in foreign medical expenditures, which analysts attribute to tighter foreign exchange controls and a gradual improvement in local healthcare capacity.
From May to December 2023, Nigerians spent $2.28 million on medical tourism, with the highest monthly expenditure recorded in May at $1.28 million. Monthly spending dropped significantly thereafter, falling to $0.01 million in July and maintaining low levels through December.
In 2024, total spending fell further to $2.40 million. The report shows $2.30 million was spent in January, while February recorded no expenditure. Only small outflows were observed in subsequent months, with several months showing zero foreign healthcare payments.
Data from early 2025 revealed that medical tourism spending remained minimal—$0.06 million in January and none in February or March.
By contrast, under Buhari’s administration between May 2015 and February 2017, monthly spending peaked at $3.20 million in September 2015, while the lowest was $0.08 million in October 2016.
The Nigerian Academy of Medicine recently lamented the nation’s persistent dependence on foreign healthcare, estimating that Nigerians spend over $1 billion annually on medical tourism. The body warned that the trend continues to deplete foreign reserves and discourage investment in the domestic health sector.