NRC generates N3.1bn from passengers in first half of 2024
The Nigerian Railway Corporation generated the sum of N3.1bn as revenue from passengers across the country in the first half of 2024, a report by the National Bureau of Statistics (NBS) has shown. The report stated that the corporation got the revenue from the 1,364,556 passengers that used its services during the period generating N1.42bn […]
Nigeria Railway Corporation
The Nigerian Railway Corporation generated the sum of N3.1bn as revenue from passengers across the country in the first half of 2024, a report by the National Bureau of Statistics (NBS) has shown.
The report stated that the corporation got the revenue from the 1,364,556 passengers that used its services during the period generating N1.42bn in the first quarter and 1.68bn in the second quarter.
A breakdown showed that 675,293 passengers used rail to commute to different destinations in the first quarter while 689,263 used it in the second quarter.
Similarly, goods worth N1.14bn were ferried during the period with N607m generated in the first quarter and N537m in the second quarter.
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For the second quarter, it said the volume of goods/cargo transported stood at 143,759 tonnes compared to 56,936 tonnes recorded in Q2 2023.
“In the quarter under review, the Nigerian Railway Corporation (NRC) reported an additional volume of goods/cargo transported via pipeline which stood at 5,940 tons, higher than 2,856 tonnes in Q2 2023,” it said.
In terms of revenue generation, N1.69 billion was received from passengers during the reference period, showing an increase of 53.14 per cent from the N1.10 billion recorded in the same quarter of the previous year.
“Similarly, N537.3m was collected from goods/cargo conveyed via rail in Q2 2024, up by 206.68 percent from N175.2m received in Q2 2023. In addition, revenue generated from the movement of goods/cargo via pipeline stood at N42.08 million in Q2 2024, higher than the N12.81 million reported in the corresponding period of last year. Other receipts amounted to N994.6m, indicating an increase of 5,206.68 percent in Q2 2024 from the N18.7m million received in Q2 2023,” the report added.