The National Bureau of Statistics (NBS) has disclosed that the total revenue generated by the Nigerian Railway Corporation (NRC) from passengers dropped by N1.31 billion in the first quarter (Q1) of 2023.
The figure represents a decline of 63.02 percent relative to the corresponding quarter of 2022.
The latest NRC data is contained in a new report by the NBS, titled, ‘Rail Transportation Data Q1, 2023’.
The report said 441,725 passengers travelled via the rail system in Q1 2023 as against 953,099 recorded in the same quarter last year.
‘The rail transportation data for Q1 2023 showed that a total of 441,725 passengers travelled via the rail system in Q1 2023, lower than the 953,099 reported in the corresponding quarter of 2022, representing a growth rate of -53.65 percent,” the report said.
“In addition, 59,966 tons of goods were transported in Q1 2023, compared to 39,379 tons reported in Q1 2022.”
Analysis of the data shows that the decrease in the number of passengers also had a strong effect on the revenue generation of the corporation.
The revenue generated from passengers in Q1 2023 was N768.44 million, while income stood at N2.08 billion in the same period last year.
However, the NBS report said revenue generated from goods and cargo increased insignificantly.
The federal government raked in N181.27 million from goods/cargos in Q1 2023 — a 99.28 percent surge from N90.96 million earned in Q1 2022, according the report.