Nigerian Railway Corporation (NRC) generated N1.42 billion in revenue by transporting 675,293 passengers on federal rail lines across Nigeria in the first quarter of 2024.
Gatekeeper’s News reports that this is gotten from Rail Transportation Data for Q1 2024 which was released by the National Bureau of Statistics (NBS) recently.
According to the report, NRC’s passenger transport revenue in Q1 2024 increased by a substantial 84.91% compared to N768.44 million generated in the same quarter of previous year, which saw 441,725 passengers transported.
The report stated, “In terms of revenue generation, N1.42 billion was received from passengers during the reference period, showing an increase of 84.91% from the N768.44 million recorded in the same quarter of the previous year.”
It also indicated that, on a quarter-on-quarter basis, the revenue generated from passenger transport between January and March 2024 was 33.06% higher than N1,067,915,479 recorded in fourth quarter of 2023.
The NBS report on rail operations showed significant improvements in first quarter of 2024.
Nigerian Railway Corporation (NRC) generated N607.32 million by transporting 160,650 tons of goods and cargo, surpassing the 59,966 tons recorded in the same period in 2023, which generated N181,270,800.
Also shown in the report is that the revenue from moving goods and cargo in Q1 2024 was 43.50% higher than N423,215,481 recorded in fourth quarter of 2023.
Revenue increased by an impressive 235.03% on a year-on-year basis compared to N181,270,800 in Q1 2023.
The report showed that there is substantial growth in volume of goods transported and revenue generated, reflecting improved efficiency and utilization of the federal rail lines.
Also indicated in the report is that NRC generated N59,136,179 from a category termed “pipeline” during the first quarter of 2024.
The report showed that the NRC earned N25,402,777 from other income receipts in Q1 2024, marking a 25.65% decline from the N34,165,347 generated in same quarter of 2023.
On a quarter-on-quarter basis, the revenue from other income receipts increased by 93.35% from N565,843,550 recorded in Q4 2023.
In total, uNRC generated a total of N2,112,777,594 on federal rail lines in Q1 2024.
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