Nigeria’s revenue from railway drops to N5.5bn despite increase in passengers

Revenue generated by the Federal Government from rail transportation dropped to N5.57 billion despite the increase in the number of passengers in 2022.

The National Bureau of Statistics (NBS) disclosed this in its latest railway report published on its website on Wednesday.

The figure, according to the agency, was N460 million lower than the N6.03 billion generated from rail transportation in 2021.

A breakdown of the revenue showed that in the first quarter of 2022, the government generated N2.21 billion from the sector and N734.5 million in the second quarter.

In the third quarter, rail transportation generated N934.91, and N1.69 billion in the last quarter.

The NBS said the number of rail passengers increased by 15 percent from 2,714, 458 in 2021 to 3,212,948 last year.

The volume of goods/cargo however dropped from 142, 438 in 2021 to 118,587 in 2022.

The report read: “In terms of revenue generation, N2.07 billion was received from passengers in Q1 2022, higher by 132.82 percent relative to N892.46 million in the first quarter of 2021. “N71.76 million was collected in the first quarter of 2022 as revenue from goods/cargos, compared to N18.89 million in the first quarter of 2021. Other receipts grew by 619.34 percent in the first quarter of 2022, recorded at N57.92 million from N8.05 million in the first quarter of 2021.

READ ALSO: Nigerian govt pays $548.67m to service railway debt in seven years

“In Q2 2022, revenue generated from passengers was N598.73 million, a decrease of 44.76 percent from N1.08 billion in the same period 2021. More so, revenue generated from goods in the second quarter of 2022 amounted to N86.00 million, higher by 14.34 percent compared to N75.21 million reported in the second quarter of 2021. Other income receipts stood at N49.72 million.

“N715.09 million was received from passengers in Q3 2022, lower by 60.52 percent relative to N1.81 billion in the same quarter of the previous year. N101.84 million was collected in Q3 2022 as revenue from goods/ cargos, down by 7.04 percent from N109.56 million received in Q3 2021.

“Also, other receipts grew by 707.31 percent in Q3 2022 from the N14.61 million collected in Q3 2021. In Q4 2022, the number of passengers rose by 30.10 percent to 1.34 million persons from 1.03 million persons in Q4 2021, while the volume of goods transported decreased by 1.50 percent.

“Revenue generated from passengers stood at N1.15 billion in Q4 2022, a decrease of 39.54 percent from the same period last year when N1.91 billion was reported. More so, revenue generated from goods in Q4 2022 was N157.23 million, higher by 63.56 percent compared to N96.13 million reported in Q4 2021.

“Other income receipts stood at N382.17 million, an increase of 3,316.18 percent from the N11.19 million recorded in the same period of the preceding year. However, on an annual basis, the number of passengers increased by 18.36 percent.”

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now