Business Economy Headline News Nigeria

Railway Corporation rakes in N715m in Q3 – NBS

Report from the National Bureau of Statistics(NBS), shows that the Nigerian Railway Corporation generated N715.09 million revenue from passengers in Q3 of 2022.

In the NBS Rail Transportation Data for Q3 and Q4 2022 released in Abuja on Tuesday, reveals that the figure dropped by 60.52 per cent compared to the N1.81 billion received in Q3 of 2021.

This also indicates that N101.84 million was collected in Q3 2022 as revenue from goods and cargos, which dropped by 7.04 per cent from N109.56 million received in Q3 2021.

“Other receipts grew by 707.31 per cent in Q3 2022 from the N14.61 million recorded in Q3 2021. The report further showed that the number of rail transport passengers in Q3 2022 dropped by 500,348″.

“This is lower than the 696,841 recorded in Q3 2021, representing a growth rate of -28.20 per cent. the report showed that 33,312 tonnes of goods were transported in Q3 2022, compared to 51,726 tons reported in Q3 2021”.

The report says the corporation generated revenue of N1.15 billion from passengers in Q4 2022, which indicated a decrease of 39.54 per cent in Q4 2021 recorded N1.91 billion.

The report states that revenue generated from goods in Q4 2022 was N157.23 million, which was higher by 63.56 per cent compared to the N96.13 million reported in Q4 2021.

Analysis of the report shows that other income receipts stood at N382.17 million, an increase of 3,316.18 per cent from the N11.19 million recorded in Q4 2021.

The report said in Q4 2022, the number of passengers increased by 30.10 per cent from 1.03 million persons recorded in Q4 2021 to 1.34 million persons in Q4 2022.

Writing by Julian Osamoto; Editing by Adeniyi Bakare