• Tuesday, April 23, 2024
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BusinessDay

Rail transport revenue drops to N5.57bn

The Federal Government revenue from rail transportation dropped to N5.57 billion from N6.03 billion recorded in 2021, according to data from the National Bureau of Statistics (NBS).

A quarterly breakdown of the revenue according to the rail transport report, showed that a total of N2,207,529,064 revenue was recorded in the first quarter, while N734,472,610 was recorded in the second quarter of the year 2022.

The total revenue recorded in the third quarter was N934, 918,168 and N1,694,079,066 in the last quarter.

Similarly, the number of rail transport passengers in the period was 3,212,948, representing a 15 percent increase compared to 2,714,458 recorded in 2021. While the total volume of goods/cargoes for the period was 118,587 compared to 142,438 in 2021.

“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/cargoes, 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: Rail transport recorded more passengers, lower revenue in 2022 – NBS

“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 in 2021. Similarly, 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/cargoes, 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 as against N1.91 billion reported in the previous year.

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,” it stated.

The number of rail transport passengers was 953,099 in Q1, 422,393 in Q2, 500,348 in Q3 and 1,337,108 in the last quarter, while a total of 32,139 tonnes of goods were transported in the first quarter of 2022, nothing was recorded in the second quarter, 33,312 tons and 53,136 tonnes were recorded in third and fourth quarters respectively.