Nigerian Railway Corporation suffers 72 percent revenue loss in Q2 2022

The account books of the Nigerian Railway Corporation (NRC) is not looking positive as the parastatl under the ministry of transportation recorded a 72 percent loss in revenue, according to data  from the National Bureau of Statistics (NBS)

According to railway transportation figures made available by the NBS, while 953,099 passengers used railway transportation in the first quarter of 2022, the number of passengers in the second quarter of 2022 slumped to an abysmal 422,393 passengers.

Checks reveal that many people stayed away from the trains following the March 2022 attack and bombing of the Abuja-Kaduna passenger train by suspected terrorists.

For cargo movement, the NRC also suffered huge revenue loss as it recorded zero ton of cargo in the second quarter of 2022 compared to lifting 32,139 tons of cargoes in the first quarter of 2022.

The sharp decline in both passenger and cargo movement reflected in the NRC revenue figures as the Corporation recorded N598,736,300 revenue in the second quarter of 2022 compared to raking in of N2,077,836,686 in the first quarter of 2022.

Mike Ochonma