The Nigerian Railway Corporation generated a total sum of N4.19 billion as revenue earned from sales of tickets to passengers, cargo, and other services in the first nine months of 2023.
The figure represents an increase of N290 million or 7 per cent when compared to the N3.90bn accrued to its coffers in the first nine months of 2022.
The National Bureau of Statistics said this in its latest rail transportation data for the third quarter of 2023 released on Wednesday.
According to the report, NRC generated N768.44 million from passengers in the first quarter of 2023, N181.27 million in goods and cargo and N34.17 million in other receipts.
This gives a total of N983.87 million generated in the first quarter of 2023.
In the second quarter of 2023, the corporation saw its revenue climb to N1.31 billion, according to NBS.
The bureau said the growth was driven by a rise in passenger revenue, which reached N1.10 billion.
The NBS report said revenue from goods and cargo also increased, reaching N188.03 million, noting that other receipts brought in an additional N18.74 million.
The corporation’s upward momentum continued in Q3 2023, marking another consecutive quarterly revenue growth.
NBS said passenger revenue hit N1.48 billion, while goods and cargo earned NRC N286.78 million in Q3, adding that other receipts contributed N119.22 million.
The report read, “In Q3 2023, a total of 594,348 passengers travelled via rail system, relative to 500,348 reported in the corresponding quarter of 2022, indicating a growth rate of 18.79%. The volume of goods/cargos transported in Q3 2023 stood at 81,963 tons, compared to 33,312 tons recorded in Q3 2022.
“In terms of revenue generation, N1.49 billion was received from passengers during the reference period, showing an increase of 108.25% from the N715.09 million recorded in the same quarter of the previous year.
“Similarly, N286.78 million was collected from goods/cargos conveyed in Q3 2023, up by 181.58% from N101.84 million received in Q3 2022.”
The Q3 performance brings the corporation’s nine-month total to N4.19 billion
The analysis also revealed that 1.50 million passengers travelled via the train system during the period.
However, the revenue of the corporation is expected to drop in the fourth due to free train rides given to Nigerians during the 2023 festive period.
On December 20, President Bola Tinubu approved a 50 per cent discount for inter-state road travel, and 100 per cent for train trips, for Nigerians travelling for Christmas and New Year celebrations.
The federal government had said the president wanted citizens to travel within Nigeria during the yuletide season without the burden of exorbitant transport fares.
The Minister of Solid Minerals Development, Dele Alake, who coordinated the initiative, disclosed that over 163,000 passengers nationwide benefited from the subsidised inter-state trips for the end-of-the-year festive period.