By Etuka Sunday
National Bureau of Statistics (NBS) said Nigerian States and Federal Debt Stock data as at 3oth June 2017 reflected that the country’s foreign and domestic debts stood at $15.05bn and N14.06trn respectively.
NBS data released recently said, further disaggregation of Nigeria’s foreign debt showed that $9.67bn of the debt was multilateral; $218.25m was bilateral (AFD) and $5.15bn from the Exim Bank of China credited to the Federal Government of Nigeria (FGN).
According to the data, “total FGN debt accounted for 74% of Nigeria’s total foreign debt while all States and the Federal Capital Territory (FCT) accounted for the remaining 26%. Similarly, total FGN debt accounted for 78.66% of Nigeria’s total domestic debt while all States and the Federal Capital Territory (FCT) accounted for the 21.34% balance.
“A breakdown of the FGN domestic debt stock by instruments reflected that N7.56trn or 68.41% of the debt are in Federal Government Bonds; N3.28trn or 29.64% are in treasury bills and N215.99mln or 1.95% are in treasury bonds.
“Lagos State has the highest foreign debt profile among the thirty-six states and the FCT accounting for 37% while Kaduna (6%), Edo (5%), Cross River (4%) and Ogun (3%) followed closely.
“Similarly, Lagos State has the highest domestic debt profile among the thirty-six and the FCT accounting for 10.39% while Delta (8.04%), Akwa Ibom (5.18%), FCT (5.09%) and Osun (4.90%) followed in that order.”
Meanwhile, the transport data released NBS showed that in the second quarter of 2017, overall passenger traffic (domestic and international) increased by 21.06% over the pqrevious quarter but declined by -18.56% year on year. Similarly, aircraft movement increased by 11.23% in Q2 2017 over Q1 2017 but declined by -20.40% year on year.
“We attribute the quarter on quarter growth in Q2 2017 over Q1 2017, partly due to closure of the Nnamdi Azikwe International Airport, Abuja between late Q1 2017 and early Q1 2017 which led to a general decline in passenger and aircraft movement and the reopening of the Abuja airport in the second half of Q2 2017 which once again increased activity in the aviation sector.
“Our conclusion is further buttressed by the fact that Kaduna and Niger (Minna) Airports which are both close to Abuja and serve as alternative routed to Abuja, recorded significant increase in passenger traffic and aircraft movement year on year while all other airports recorded mostly negative year on year growth.
“This strong decline in year on year passenger and aircraft movement I Q2 2017 can be attributed to high double-digit inflation during Q2 2017 which averaged 16.53% year on year in Q2 2017, thereby squeezing household baskets.
“In particular, air fare charges have grown on average 57.3% (four major airports (Lagos, Kano, Abuja and Port Harcourt) in Q2 2017 over the average in Q2 2016. During the period under review, air travel was largely restricted to necessary and business- related activities.
“For the half year of 2017, overall passenger traffic decreased by 23.85% year on year, while aircraft movement declined by -24.53% With respect to cargo and mail, Q2 2017 Cargo was 1.39% higher than in Q1 2017 but -7.72% lower than the level in Q2 2016, while mail was 28.57% higher in Q2 2017 than Q1 2017 and 1,070.9% higher than Q2 2016 Murtala Muhammed Airport (MMA) in Lagos, as usual, recorded the most activities during the quarter, accounting for 40.7% of domestic passengers, 74.8% of international passengers, 89.0% of cargo movement and 96.7% of mail movement.
“In terms economic output, the Air transport sector in the 2nd quarter increased marginally in real terms by 0.15%, slightly down from the rate recorded in the previous quarter, when it recorded 1.53% growth,” the data said.