TheCable

The Nigerian Railway Corporation (NRC) says it generated N4.19 billion as revenue from passengers, cargo, and other services in the first nine months of 2023.

The National Bureau of Statistics (NBS) said this in its latest rail transportation data for third quarter (Q3) 2023.

The figure, compared to the first nine months of 2022 (N3.90 billion), shows an increase NRC’s revenue by 7 percent year-on-year.

According to the report, NRC generated N768.44 million from passengers in the first quarter of 2023, N181.27 million in goods and cargos and N34.17 million in other receipts.

This gives a total of N983.87 million generated in the first quarter (Q1) of 2023.

In the second quarter (Q2) of 2023, the corporation saw its revenue climb to N1.31 billion, according to NBS.

The bureau said the growth was driven by a rise in passenger revenue, which reached N1.10 billion.

The NBS report said revenue from goods and cargo also increased, reaching N188.03 million, noting that other receipts brought in an additional N18.74 million.

The corporation’s upward momentum continued in Q3 2023, marking another consecutive quarterly revenue growth.

NBS said passenger revenue hit N1.48 billion, while goods and cargo earned NRC N286.78 million in Q3, adding that other receipts contributed N119.22 million.

The Q3 performance brings the corporation’s nine-month total to N4.19 billion

Examining the significant freight movement, TheCable Index  observed that  a total of 197.958 tons was transported via the rail system.

The analysis also revealed that 1.50 million passengers travelled via the train system during the period.

On December 20, President Bola Tinubu approved a 50 percent discount for inter-state road travels, and 100 percent for train trips, for Nigerians travelling for Christmas and New Year celebrations.

The federal government had said the president wanted citizens to travel within Nigeria during the yuletide season without the burden of exorbitant transport fares.