Nigerian Railway Corporation records N1.69bn revenue in Q2 2024 – NBS

The Nigerian Railway Corporation (NRC) recorded N1.69bn revenue in the second quarter of 2024, a 53.14 per cent increase compared to the N1.10 billion recorded in the same period of 2023, the National Bureau of Statistics (NBS) said in a report released on Thursday.

According to the report, a total of 689,263 passengers travelled by rail in Q2, representing a growth rate of 45.38 per cent compared to 474,117 passengers in the corresponding quarter of 2023.

“The volume of goods transported via rail also saw a significant increase, with 143,759 tons moved in Q2 2024, up from 56,936 tons in Q2 2023.

“Volume of goods transported through pipelines in Q2 2024 was 5,940 tons, an increase from the 2,856 tons recorded in the same period of the previous year.

“The movement of goods through pipelines also contributed to revenue generation, with N42.08m collected in Q2 2024, compared to N12.81m in Q2 2023. Other revenue receipts amounted to N994.68m in Q2 2024, representing a staggering increase of 5,206.68 per cent from the N18.74m recorded in the corresponding period of last year.

“In the first quarter of 2024, Nigeria spent 2,470 per cent more on railway debt servicing than it made from rail service revenue,” the NBS reported.