Rail transport generates N2.93tr revenue, an increase of 42%
By Jeph Ajobaju, Chief Copy Editor
Rail transport revenue increased 42 per cent year-on-year (YoY) from N2.07 trillion in the first six months of 2021 to June (6M 2021).to N2.93 trillion in 6M 2022.
National Bureau of Statistics (NBS) data on Rail Transportation for the second quarter of 2022 (Q2 2022) shows the N2.93 trillion comprises passenger revenue at N2.7 trillion, goods (N157.76 million), and other incomes (N107.64 million).
However, revenue generated from passengers fell 44.7 per cent YoY, caused by a 25.3 per cent decline in passengers from 565,385 in Q2 2021 to 422,393 in Q2 2022.
“The rail transportation statistics in Q1’22 revealed that 953,099 passengers travelled via train relative to 424,460 reported in the corresponding quarter of 2021, representing a growth rate of 124.54 percent,” the NBS explained.
“In addition, 32,139 tons of goods were transported in the first quarter of 2022, compared to 9,071 tons reported in Q1’21, showing a growth rate of 254.3 percent.
“In terms of revenue generation, N2.07 billion was received from passengers over the period, higher by 132.82 percent relative to N892.46 million in Q1’21.
“Similarly, N71.76 million was collected in Q1’22 as revenue from goods/cargos, compared to N18.89 million in Q1’21.”
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Other receipts
“Other receipts grew by 619.34 percent in the Q1’22, recorded at N57.92 million from N8.05 million in Q1’21,” the NBS added, per reporting by Vanguard.
“In Q2’22, passengers declined by 25.29 percent, reported at 422,393 relative to passengers in Q2’21 which stood at 565,385.
“Revenue generated from passengers was N598.73 million, a decrease of 44.76 percent from N1.08 billion in the same period last year”
“Moreso, revenue generated from goods in Q2’22 amounted to N86 million, higher by 14.34 percent compared to N75.21 million reported in the Q2’21.
“Other income receipts stood at N49.72 million, an increase of 988.92 percent from the N4.56 million recorded in the same period of the preceding year.”