NRC Rakes in N3bn in 2019, Targets N6bn from Lagos-Ibadan, Itakpe-Warri Rail Services


•Says passenger reduction to affect revenue

By Kasim Sumaina

The Nigerian Railway Corporation (NRC) on Friday said it raked in N3.09 billion from train service operations nationwide in 2019. The corporation also said it was targeting not less than N6billion from the Lagos-Ibadan and Itakpe-Warri corridors when they commence operations.

The ongoing Lagos-Ibadan rail project and the recently completed Itakpe-Warri rail line have been described as the new vista in rail services in the country.

NRC made this known while breaking down figures generated from rail services the in 2019.

According to the Managing Director, Nigerian Rail Corporation (NRC), Mr. Fidet Okhiria, the Corporation generated not less than N3.09 billion from train service operations nationwide.

Giving the breakdown, the NRC boss noted that the Abuja-Kaduna rail services account for N1.5 billion, while others generated the balance.

In a statement made available to journalists in Abuja, he said that Abuja-Kaduna rail line generated about N130million monthly revenue in 2019 as against the N80million generated in the previous years, noting that the rail line has been able to break even.

He informed that the money generated from the Abuja-Kaduna rail service was used to service other stations in the North, like the Maiduguri stations which is not functional at the moment.

He further observed that the Abuja- Kaduna railway generated over N130 million monthly revenue, with N90 million spent as running cost and payment of staff at the Maiduguri stations which could not operate for now due to insecurity.

“As at 2019 train, operations nationwide generated about N3.09 billion and we are targeting about N6 billion when Lagos-Ibadan and Itakpe-Warri comes on board,” he said.

He however said that the reduction of passengers from 80 to 40 passengers per coach would definitely affect the revenue generated for the year 2020, except if the hourly train is properly implemented.