• Wednesday, July 24, 2024
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BusinessDay

Rail transport revenue jumps 33% to N1.3 bn in Q2, 2023

Nigeria earned N1.3 billion in the second quarter of 2023, representing a 33 per cent increase from N983,874,805 earned in the first quarter of the year and a 76.6 per cent increase compared to N740 million achieved in Q2, 2022.

Of the total revenue generated in the period, N1.10 billion was received from passengers. This an increase of 83.88 per cent from the N598.74 million recorded in the same quarter of 2022.

Similarly, N188 million was received from goods/cargos conveyed in the period under review, up by 105.04 per cent from N91.70 million received in Q2, 2022. Other receipts amounted to N18.7 million, indicating a 62.31 per cent decline from N49.73 million recorded in Q2, 2022.

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According to the ‘rail transport data Q2 2023’ report released by the National Bureau of Statistics, a total of 474,117 passengers travelled via rail system in the period, as compared to 441,725 and 422,393 in Q1 2023 and the corresponding quarter of 2022.

The volume of goods /cargos transported in the period stood at 56,029 tons compared to 31,197 tons recorded in Q2, 2022.

This is as Saidu Alkali, the Minister of Transportation, during a visit to the Idu train station, pledged President Tinubu-led administration’s commitment to addressing the challenges bedevilling railway services in the country.

According to him, his team were ready to work with the Ministry of Defense to strengthen the security of facilities and passengers.