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Railway debt repayment in Q1 2024 exceeds revenue by 2,470%

The country spent 2,470% per cent more on railway debt servicing than it made from revenue from rail services in the first quarter of 2024.

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Railway debt repayment in Q1 2024 exceeds revenue by 2,470%

In the first quarter of 2024, Nigeria allocated more funds to servicing railway debt than it generated in revenue from its railway system.

The country spent 2,470% per cent more on railway debt servicing than it made from revenue from rail services in the first quarter of 2024.

Total revenue from rail services amounted to N2bn in the first quarter of 2024, according to data from the National Bureau of Statistics.

Passenger revenue totaled N1,420,923,315 billion, and N607,315,323 million was made from goods/cargo. Total revenue for Q1 2024 was N2bn while in 2023, it stood at N6.07bn.

Total revenue for 2023 was 67 per cent higher than the N2bn made in 2024.

The report stated that 675,293 passengers utilized the rail system during this period, up from 441,725 in the same quarter of 2023, representing a growth rate of 52.88 per cent.

“The volume of goods/cargo transported via rail in Q1 2024 stood at 160,650 tons compared to 59,966 tons recorded in Q1 2023. In the quarter under review, the Nigerian Railway Corporation reported an additional volume of goods/cargo transported via pipeline which stood at 8,000 tons,” the report said.

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