Nigeria Railway Corporation Revenue Drops by N120m in 2023, NBS Reports

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The Nigeria Railway Corporation (NRC) experienced a revenue decline of N119.85 million in 2023 compared to the previous year, as revealed by data from the Nigeria Bureau of Statistics (NBS).

Analysis of the figures shows a decrease in passenger transportation revenue from N4,546,342,056 in 2022 to N4,426,495,760 in 2023, marking a 2.64% reduction over the period.

The report indicates that the NRC conveyed 2,182,388 passengers in 2023, a significant drop from the 3,212,948 passengers transported in 2022, representing a 32.08% decrease year-on-year.

Quarterly comparisons further illustrate revenue fluctuations within the year. In the first quarter of 2023, the NRC’s revenue stood at N768,438,658, down from N2,077,836,686 in the corresponding quarter of 2022.

However, revenue increased in the subsequent quarters of 2023. In the second quarter, the NRC generated N1,100,941,295 compared to N598,736,300 in Q2 2022. Likewise, revenue rose to N1,489,200,328 in Q3 2023, surpassing the N715,091,714 generated in Q3 2022.

In the final quarter of 2023, the NRC recorded a revenue of N1,067,915,479, reflecting a decline from the N1,154,677,356 generated in Q4 2022.

The overall revenue decline from 2022 to 2023 was attributed to various factors, including the prevailing insecurity across the country. This was notably evident in Q1 2023, exacerbated by the suspension of train services along the Abuja-Kaduna route following a terrorist attack on a train carrying 398 passengers on March 28.

The attack resulted in the tragic loss of eight lives, numerous injuries, and the abduction of approximately 200 individuals by the assailants.

Despite these challenges, operations resumed in January 2023, with the Federal Government implementing enhanced security measures such as the installation of luggage scanners at key railway stations to ensure the safety of passengers and staff.

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