Rail Revenue Generation Declined By 7.5% YoY -NBS

By Sunday Etuka, Abuja

Railway Corporation generated a total sum of N1.07 billion in the fourth quarter of 2023, from the N1.15 billion recorded in the same quarter of the previous year, showing a decrease of 7.51 percent.

This was contained in the latest Rail Transportation Data released by the National Bureau of Statistics (NBS) on Monday.

In terms of revenue generation, it said, N423.22 million was also collected from goods/cargos conveyed in Q4 2023, up by 169.16% from N157.23 million received in Q4 2022.

According to NBS, other receipts amounted to N393.72 million, indicating an increase of 3.02% in Q4 2023 from the N382.17 million collected in Q4 2022.

The decline in revenue generation year-on-year could be due to the series of attacks on the nation’s rail stations in March 2022 and January 2023 respectively.

Recall that on March 28, 2022, a train carrying 970 passengers from Abuja to Kaduna was attacked by terrorists with explosives, killing eight passengers and kidnapping 168 others, with the last 23 freed in October 2022.

Again, on January 7, 2023, gunmen attacked a substation of the Nigerian Railway Corporation at Igueben, Edo State, with several passengers injured and others kidnapped.

NBS said, in Q4 2023, a total of 672,198 passengers travelled via rail system relative to 1,337,108 reported in the corresponding quarter of 2022, indicating a growth rate of -49.73 percent.

It said, the volume of goods/cargos transported in Q4 2023 stood at 119,286 tons compared to 53,136 tons recorded in Q4 2022.

However, on an annual basis, the Bureau said, the number of passengers in 2023 fell by 32.08% compared to the previous year.

It said, the revenue received from passengers also declined by 2.64% in 2023, while the volume of cargo and revenue from cargo rose by 102.04%, and 144.32% respectively relative to 2022.

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