The Nigerian rail system generated N1.69bn in income from passengers within the second quarter of 2024, reflecting a 53.14 per cent improve in comparison with the N1.10bn recorded in the identical interval of 2023.
This information was disclosed by the Nationwide Bureau of Statistics in its report launched on Thursday.
In response to the report, a complete of 689,263 passengers travelled by rail in Q2, representing a development price of 45.38 per cent in comparison with 474,117 passengers within the corresponding quarter of 2023.
The amount of products transported by way of rail additionally noticed a major improve, with 143,759 tons moved in Q2 2024, up from 56,936 tons in Q2 2023.
Moreover, the Nigerian Railway Company reported a quantity of 5,940 tons of products transported by way of pipelines in Q2 2024, a rise from the two,856 tons recorded in the identical interval of the earlier yr.
Income from items conveyed by way of rail stood at N537.36m in Q2 2024, a outstanding improve of 206.68 per cent in comparison with N175.22m in Q2 2023. The motion of products by way of pipelines additionally contributed to income era, with N42.08m collected in Q2 2024, in comparison with N12.81m in Q2 2023.
Different income receipts amounted to N994.68m in Q2 2024, representing a staggering improve of 5,206.68 per cent from the N18.74m recorded within the corresponding interval of final yr.
Within the first quarter of 2024, The PUNCH reported that Nigeria spent extra on servicing the debt incurred for constructing its railways than the income generated by its railway system. The nation spent 2,470 per cent extra on railway debt servicing than it comprised of income from rail companies within the first quarter of 2024.
In 2023, the Nigerian Railway Company generated N1.07bn as income from passengers.