Nigeria earned N 623.4 Million from rail in 3 months

Nigeria earned N 623.4 Million from rail in 3 months

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The Federal Government has generated a total of N623,380,069.00 through the rail system of transportation in the first quarter of 2019.

This was revealed by the Railway Sector Report released by the National Bureau of Statistics (NBS). The Report shows that the amount was generated from two main revenue sources.

A further look shows that the revenue generated from passengers in Q1 2019 was put at N520,794,143 as against N507,495,503 in Q4 2018.

Similarly, revenue generated from goods/cargo in Q1 2019 was put at N102,585,926 as against N84,408,861 in Q4 2018.

According to the report, a total of 723,995 passengers travelled via the rail system in Q1 2019 as against 748,345 passengers recorded in Q1 2018 and 746,739 in Q4 2018 representing -3.25% decline YoY and -3.05% decline QoQ respectively.

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The NBS report also shows that a total of 54,099 tons of volume of goods/cargo travelled via the rail system in Q1 2019 as against 79,750 recorded in Q1 2018 and 68,716 in Q4 2018 representing -32.16% decline YoY and -21.27%  decline QoQ respectively.

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