The Nigerian Railway Corporation has reported that there has been a decrease of 39.54% in its revenue for Q4 2022.
This information was made public on Monday by the National Bureau of Statistics in its Rail Transportation Data (Q3 & Q4 2022).
The report added that revenue generated from passengers stood at N1.15 billion in Q4 2022, a decrease of 39.54% from the same period of the previous year when N1.91 billion was reported.
In Q3 2022, there were 500,348 rail passengers, down from the 696,841 passengers reported in the same quarter of 2021, a growth rate of -28.20%. In addition, 33,312 tons of goods were transported in the third quarter of 2022 versus 51,726 tons in the third quarter of 2021.
Passengers contributed N715.09 million in income over the time period, down 60.52% from the N1.81 billion earned during the same quarter last year. Similar to this, N109.56 million was received as revenue from goods/cargos in Q3 2021, a decrease of 7.04% from N101.84 million in Q3 2022. In addition, from the N14.61 million collected in Q3 2021, other receipts increased by 707.31% in Q3 2022.
In Q4 2022, the number of passengers rose by 30.10% to 1.34 million persons from 1.03 million persons in Q4 2021, while the volume of goods transported decreased by 1.50%. Revenue generated from passengers stood at N1.15 billion, a decrease of 39.54% from the same period last year when N1.91 billion was reported. Moreso, revenue generated from goods in Q4 2022 was N157.23 million, higher by 63.56% compared to N96.13 million reported in Q4 2021.
Other income receipts stood at N382.17 million, an increase of 3,316.18% from the N11.19 million recorded in the same period of the preceding year. However, on annual basis, the number of passengers increased by 18.36%.