The Nigerian Railway Corporation recorded a total revenue of N4.19 billion in the first nine months of 2023, reflecting a 7% increase compared to the N3.90 billion in the same period of 2022, according to the latest rail transportation data from the National Bureau of Statistics.
In the first quarter, NRC generated N983.87 million, with N1.31 billion in the second quarter and a continued growth to N1.89 billion in the third quarter of 2023.
Passenger revenue played a significant role in this growth, reaching N1.48 billion in Q3, while goods and cargo contributed N286.78 million. Other receipts amounted to N119.22 million in the same period.
The report read, “In Q3 2023, a total of 594,348 passengers travelled via rail system, relative to 500,348 reported in the corresponding quarter of 2022, indicating a growth rate of 18.79%. The volume of goods/cargos transported in Q3 2023 stood at 81,963 tons, compared to 33,312 tons recorded in Q3 2022.
“In terms of revenue generation, N1.49 billion was received from passengers during the reference period, showing an increase of 108.25% from the N715.09 million recorded in the same quarter of the previous year.
“Similarly, N286.78 million was collected from goods/cargos conveyed in Q3 2023, up by 181.58% from N101.84 million received in Q3 2022.”
The Q3 performance brings the corporation’s nine-month total to N4.19 billion.
The analysis also revealed that 1.50 million passengers travelled via the train system during the period.
However, the revenue of the corporation is expected to drop in the fourth due to free train rides given to Nigerians during the 2023 festive period.
On December 20, President Bola Tinubu approved a 50 per cent discount for inter-state road travel, and 100 per cent 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.
The Minister of Solid Minerals Development, Dele Alake, who coordinated the initiative, disclosed that over 163,000 passengers nationwide benefited from the subsidised inter-state trips for the end-of-the-year festive period.