NRC revenue declined by 63.03% in Q1 2023-NBS
Temitope Adebayo
The Nigerian Railway Corporation (NRC), has suffered a setback in its revenue generation for the first quarter of 2023, declining by 63.02 per cent during the period under review.
According to rail transportation data released by the National Bureau of Statistics (NBS), “The rail transportation data for Q1 2023 showed that a total of 441,725 passengers travelled via the rail system in Q1 2023, lower than the 953,099 reported in the corresponding quarter of 2022, representing a growth rate of -53.65 per cent.
“In addition, 59,966 tons of goods were transported in Q1 2023, compared to 39,379 tons reported in Q1 2022.
“In terms of revenue generation, N768.44 million was received from passengers over the period, lower by 63.02 per cent relative to N2.08 billion in the same quarter of the previous year.
“Similarly, N181.27 million was collected in Q1 2023 as revenue from goods/cargos, up by 99.28 per cent from N90.96 million received in Q1 2022.
The refusal of the NRC to accept Point of Sale (POS) or online transactions in the first quarter may have contributed to the cuts in the sub-sector’s revenue.
It would be recalled that The Daily Times had reported in February that the corporation during the cash scarcity in the first quarter of the year refused online transitions despite the adoption of cashless payment systems across different segments of the economy.
The NBS report noted that the number of passengers, who travelled through the rail system and revenue generated from them (passengers) fell year-on-year (YoY), in the review period.
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