The National Bureau of Statistics (NBS) has revealed a 7.51% decline in revenue collected from train passengers over a 12-month period, as stated in its latest document titled “Rail Transportation Data Q4 2023.”
According to the report, revenue from train passengers decreased from N1.15 billion in Q4 2022 to N1.07 billion in Q3 2023, reflecting a notable downturn in earnings within the sector.
The NBS document highlighted a contrasting trend in revenue from goods/cargos conveyed via trains. In Q4 2023, N423.22 million was collected, marking a substantial increase of 169.16% from the N157.23 million recorded in the same quarter of the previous year.
Furthermore, other receipts, totaling N393.72 million, showed a modest uptick of 3.02% in Q4 2023 compared to N382.17 million collected in Q4 2022.
These figures underscore a shifting landscape within the rail transportation sector, with passenger revenue experiencing a notable setback while revenue from goods transportation demonstrates robust growth.
The NBS report provides valuable insights into the financial dynamics of the train transportation industry, indicating both challenges and opportunities for stakeholders to navigate in the coming months.
