6 Months Report: Rail Transport Revenue Rises 42% To N2.93trn

Rail transport revenue grew year-on-year (YoY) by 42 percent to N2.93 trillion in the first six months of this year (6m’22) (January to June) from N2.07 trillion in the corresponding period of 2021.

Data from the National Bureau of Statistics, NBS, Rail Transportation data for the second quarter of this year, Q2’22, showed that the N2.93 trillion revenue generated in the review period comprises N2.7 trillion generated from passengers, N157.76 million generated from goods and N107.64 million from other income receipts.

However,  the data showed that revenue generated from passengers in Q2’22, fell YoY  by 44.7 percent to N598.73 million from N1.08 trillion in Q2’21.

This was as a result of a 25.3 percent decline in rail transport passengers to  422,393 in Q2’22 from 565,385 passengers in Q2’21.

The NBS said: “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 .

“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.

“Other receipts grew by 619.34 percent in the Q1’22, recorded at N57.92 million from N8.05 million in Q1’21.

“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.”