The Nigeria Railway Corporation lost N119.85m in 2023 compared to revenue figures recorded in 2022.
According to the data obtained from the Nigeria Bureau of Statistics, the revenue generated from transporting passengers decreased from N4,546,342,056 in 2022 to N4,426,495,760 in 2023. This decline in revenue represents 2.64 percent within the period.
According to the report, NRC transported 2,182,388 passengers in 2023, compared to 3,212,948 passengers in 2022. The number of passengers in 2023 dropped by 32.08 percent compared to 2022.
Comparing the revenue generated in each of the four quarters of 2023 and 2022, the NRC received N768,438,658 in Q1 2023, down from N2,077,836,686 recorded in the corresponding quarter of 2022.
For Q2 2023, the NRC generated N1,100,941,295, compared to N598,736,300 recorded in Q2 2022, while in Q3 2023, the revenue generated was N1,489,200,328, surpassing the N715,091,714 generated in the corresponding quarter of 2022.
In Q4 2023, the NRC generated N1,067,915,479, which was N86,761,877 less than the N1,154,677,356 it recorded in the corresponding quarter of 2022.
Overall, there were fluctuations in revenue throughout the quarters.
The decline in revenue from 2022 to 2023, particularly evident in Q1, was exacerbated by the prevailing insecurity across the country during this period.
This financial decline was further highlighted when, on March 28, the NRC suspended train services along the Abuja-Kaduna route following a terrorist attack on a train carrying 398 passengers.
The attack resulted in the tragic deaths of eight passengers, numerous injuries, and the abduction of approximately 200 individuals by the terrorists.
Despite these challenges, operations resumed in January 2023, bolstered by enhanced security measures, including the installation of luggage scanners at key railway stations, a move sanctioned by the Federal Government.
