HomeBUSINESSQ3 2022: Nigerian Railway Generates N715.09M From Passengers

Q3 2022: Nigerian Railway Generates N715.09M From Passengers

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The Nigerian Railway Corporation (NRC) generated N715.09 million in revenue from passengers in the third quarter of 2022, according to the National Bureau of Statistics (NBS).

The NBS Rail Transportation Data for Q3 and Q4 2022 released in Abuja, Federal  Capital Territory (FCT), recently showed that the figure dropped by 60.52 per cent compared to the N1.81 billion received in Q3 of 2021.

According to the report, N101.84 million was collected in Q3 2022 as revenue from goods/ cargoes.

This is a drop of 7.04 per cent from N109.56 million received in Q3 2021.

“Also, other receipts grew by 707.31 per cent in Q3 2022 from the N14.61 million recorded in Q3 2021,” the document reported.

It 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 stated.

It showed that 33,312 tonnes of goods were transported in Q3 2022, compared to 51,726 tons recorded in Q3 2021.

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

Also, it said 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.

It said 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 that pin 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.

The report said that the volume of goods transported decreased by 1.50 per cent in Q4 2022.

It added that on an annual basis, however, the number of passengers increased by 18.36 per cent.

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