NRC Generated N6.07bn In 12 Months Amidst Insecurity

The Nigerian Railway Corporation (NRC) generated the sum of N4.43bn in revenues from 2.18 million passengers in 2023 amidst insecurity.

According to the Rail Transportation Data released by the National Bureau of Statistics, (NBS) and collated by THE WHISTLER, the sector realized a total sum of N6.07bn in revenue when cargo movement and other income receipts are added to the revenue source.

Recall that THE WHISTLER reported that the corporation earned the sum of N4.19bn in the first three quarters (Q1, Q2, and Q3) of 2023 despite the suspension of NRC operations following an attack which took place on the Abuja-Kaduna train on March 28.

However, a breakdown of the N6.07bn by THE WHISTLER showed that N4.43bn was the revenue generated from passengers, N1.08bn was generated from goods and cargo while N565.84m was realized from other incomes.

The number of passengers onboard in the period under review stood at 2.18 million while 317,244 was the volume of goods and cargo measured in tons.

Further breakdown of the N4.43bn passenger revenue, showed that N768.43m was generated in Q1, and rose by 43.27 per cent to N1.1bn in Q2 while revenue earned from passengers in Q3 was N1.48bn an increase of 35.27 per cent.

However, the corporation recorded a loss of 39.45 per cent when the Q4 revenue dropped to N1.07bn.

Subsequently, the data revealed that NRC realized the sum of N181.27m in Q1 from goods and cargo, adding that this rose by 3.73 per cent to N188.02m in Q2 and further increased by 52.52 per cent to N286.77m in Q3.

Furthermore, in the just concluded Q4 accounting period, the NRC recorded a revenue boost from goods and cargo, as revenue surged by 47.5 per cent to N423.22m when compared to the preceding quarters.

However, there was a decline in revenue by 45.14 per cent in Q2, as N34.16m was realised from other income receipts in Q1 compared to the N18.74m realized in Q2.

In Q3 of 2023, other income receipts saw a surge of 536.02 per cent to the tune of N119. 21m against the preceding quarter.

The revenue from other income receipts surged further by 230.26 per cent to N423.22m in the Q4.