NRC Generates N5.37bn In Six Months

The Nigerian Railway Corporation (NRC) generated N5.37bn in revenue by transporting 1.36 million passengers and 318,349 tons of goods in the first six months (Q1 and Q2) of 2024.

According to the Rail Transportation Data released by the National Bureau of Statistics and collated by THE WHISTLER, the revenue was generated from passengers, cargo, pipeline and other income.

THE WHISTLER had reported that the Corporation generated N4.43bn in revenues from 2.18 million passengers in 2023 amidst insecurity. With revenue from cargo movement and other receipts, the sector realized a total sum of N6.07bn.

This means the NRC generated 88.47 per cent of what it made in 2023 within the first six months of 2024.

A breakdown of the N5.37bn by THE WHISTLER showed that N3.11bn was revenue generated from passengers, N1.14bn was generated from goods and cargo, N1.02bn from other incomes while N101.2m was realized from pipeline.

Further breakdown of the N3.11bn passenger revenue showed that N1.42bn was generated in Q1, and rose by 18.66 per cent to N1.69bn in Q2.

The NRC revealed that it realized the sum of N607.32m in Q1 from goods and cargo, adding that this declined by 11.52 per cent to N537.36m in Q2.

However, the case was different as other income revenue surged by 3,815.64 per cent from N25.4m in Q1 to N994.68M in Q2.

The Corporation noted that Q2 revenue from the pipeline was N42.08m, a 28.85 per cent fall from the N59.14m generated in Q1.

In addition, the NRC said it transported goods worth 318,349 tons via cargo pipeline and cargo at 168,650 tons in Q1 and 149,699 tons in Q2 respectively.

In Q1, pipeline cargo weighed 8,000 tons in Q1 and goods via cargo was 160,650 tons.

Subsequently, the volume of cargo that was transported in Q2 was 143,709 tons, against the 5,940 tons transported through pipeline in the quarter.