CBN Report Shows 52% Decline in Medical Tourism Spending Under Tinubu Administration

According to the latest Quarterly Statistical Bulletin from the Central Bank of Nigeria (CBN), Nigerians spent approximately $4.74 million on foreign healthcare services between May 2023 and March 2025 — marking the first 22 months of President Bola Tinubu’s administration.

This figure represents a 52% drop compared to the $9.83 million spent on medical tourism during the first 22 months of the previous administration. The decline reflects tighter foreign exchange policies and possibly a growing reliance on local healthcare facilities.

From May to December 2023, medical tourism expenses totalled $2.28 million, while 2024 recorded $2.40 million. Spending remained minimal into early 2025, with just $0.06 million recorded in January and none in February or March.

By contrast, between May 2015 and February 2017, Nigerians spent $9.83 million abroad on healthcare, with the highest monthly expenditure hitting $3.20 million in September 2015.

The Nigerian Academy of Medicine has consistently expressed concern over the country’s reliance on medical tourism, warning that Nigerians spend over $1 billion annually on healthcare abroad — a pattern that drains foreign reserves and weakens investment in domestic health infrastructure.