Revenue from Train Passengers Dips by 7.51% in 12 months – NBS

Revenue collected from train passengers declined by 7.51% in 12 months, according to the National Bureau of Statistics (NBS).

The bureau said the revenue fell from N1.15billion collected in the the Q4 2022 to N1.07billion in Q3 2023.

This was made known in its document titled: “Rail Transportation Data Q4 2023.”

The data stated: “In terms of revenue generation, N1.07 billion was received from passengers during the reference period, showing a decrease of 7.51% from the N1.15 billion recorded in the same quarter of the previous year.”

According to the report, N423.22 million was collected from goods/cargos conveyed in Q4 2023, up by 169.16% from N157.23 million received in Q4 2022.

NBS also added that other receipts amounted to N393.72 million, indicating an increase of 3.02% in Q4 2023 from the N382.17 million collected in Q4 2022.

The report said, however, on an annual basis, the number of passengers in 2023 fell by 32.08% compared to the previous year.

NBS noted that the revenue received from passengers declined by 2.64% in 2023, while volume of cargo and revenue from cargo rose by 102.04%, and 144.32% respectively relative to 2022.

NBS said in Q4 2023, a total of 672,198 passengers travelled via rail system relative to 1,337,108 reported in the corresponding quarter of 2022, indicating a growth rate of -49.73%.

The bureau said the volume of goods/cargos transported in Q4 2023 stood at 119,286 tons compared to 53,136 tons recorded in Q4 2022.