The Federal Government has generated a total of N892,467,526 through the rail system of transportation in the first quarter of 2021.
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; Passenger and goods/cargo.
A close observation by Brand Spur revealed that the revenue generated from passengers in Q1 2021 was put at N892,467,526 as against N398,999,290 in Q4 2020.
Similarly, revenue generated from goods/cargo in Q1 2021 was put at N26,195,160 as against N82,572,300 in Q4 2020.
According to the report, a total of 424,460 passengers travelled via the rail system in Q1 2021 as against 647,055 passengers recorded in Q1 2020 and 134,817 in Q4 2020 representing a -34.40% decline YoY and +214.84% growth QoQ respectively.
Similarly, a total of 10,511 tons of volume of goods/cargo travelled via the rail system in Q1 2021 as against 18,484 recorded in Q1 2020 and 35,736 in Q4 2020 representing -43.13% decline YoY and -70.59% decline QoQ respectively.