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Railway Transport Services Record N2.1bn Earnings In 6 Months – NBS

Railway Transport Services Record N2.1bn Earnings In 6 Months - NBS

The National Bureau of Statistics (NBS) has announced that the Nigerian Railway Corporation (NRC) recorded N2.1 billion revenue from passengers and freight between the first and second quarters of 2021.

This was contained in the bureau’s latest report, titled: “Rail Transportation Data Q2.”

In the report, passenger transportation generated N1.08 billion in Q2 2021 when compared to N892.47 million in Q1 2021.

Also, goods and cargo in Q2 2021 contributed N71.56 million to the revenue against N26.19 million in Q1 2021, while earnings from other receipts stood at N41 million in the last six months.

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Further assessment of the report reveals that the corporation recorded its highest earnings from passengers in Q2 2021 with N1.08 billion, while its lowest income from passenger ticket sales was recorded in the second quarter of 2020 (Q2 2020), which stood at N320.34 million.

Also, it shows further that the number of train passengers rose to 565,385 in Q2 2021 from 108,238 passengers recorded in Q2 2020 and 424,460 in Q1 2021.

This shows that it recorded a 422.35 percent increase year-on-year (YoY) and 33.20 percent quarter-on-quarter (QoQ).

From all categories, the year 2020 (particularly Q2 2020) suffered the most losses and turnout of passengers due to the COVID-19 lockdown imposed by the federal government to curtail the spread of the virus across Nigeria.

The NBS had stated in June that the Nigerian Railway Corporation (NRC) generated N5.79 billion revenue from passengers and freight between 2019 and the first quarter of 2021 (Q1 2021).

About Author

Victor Okeh is a graduate of Economics from Lagos State University. He is versatile in reporting business and economy, politics and finance, and entrepreneurship articles. He can be reached via – [email protected]

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