Nigeria Railway Corporation revenue drops to N1.15bn in Q4 2022


Nigeria Railway Corporation’s revenue from passengers dropped to N1.15 billion in the Fourth Quarter of 2022 compared to N1.91 billion recorded in the same quarter in 2021, representing 39.54 per cent.

The National Bureau of Statistics disclosed this on Tuesday in its Rail Transportation Data for Q3 and Q4 2022.

However, according to the NBS, revenue generated from the transportation of goods in the sector increased to N157.23 million in Q4 2022, a 63.56 per cent increase compared to the 96.13 million reported in the same quarter of 2021.

Income receipts in the sector also increased to N382.17 million against N11.19 million recorded in Q4 2021.

Meanwhile, the data for the Third Quarter of 2022 said that the sector generated only N715.09 million in revenue, significantly dropping from N1.81 billion in the same quarter of 2021.

Recall that the sector has been affected by insecurity, rail derailments and other issues in the period under review leading to the suspension of services.

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