Nigerian Railway Corporation Fails To Meet N4.4billion Revenue Target, Announces N1.4 billion

The Nigerian Railway Corporation (NRC) has announced a revenue of N1.4 billion as at September 30,  which is way less than it’s projected revenue of N4.4 billion for the same period.

The reduced revenue was due to the effects of the pandemic on the economy according to the NRC.

This was disclosed  by the Managing Director of NRC, Mr Fidets Okhiria, during the 2021 Budget Defence to the Joint Committee of Land and Marine transport at the National Assembly in Abuja on Friday.

He added that the company remitted N245 Million to the TSA during the same period.

It was reported in March that the Nigerian Railway Corporation  notified all passengers using train service that it would stop operation due to the increasing cases of Coronavirus in the country.

Despite reduced operations this year due to the pandemic. The NRC has acquired more trains for the Lagos-Ibadan railway project set to open soon. In August, The NRC announced the purchase of 24 coaches to operate the Lagos-Ibadan Railway.

The Minister of Transportation, Mr. Rotimi Amaechi, stated this week that the Federal Government needs a total funding of $656 million to complete work on the Lagos-Ibadan railway project.

The NRC MD  told the House Committee that the pandemic heavily affected operations, which caused a 32% performance of the company’s projections for the year so far.

The Joint Committee should  also note that for the year 2020, the Corporation presented a separate Internally Generated Revenue & Expenditure Budget.

He said, “The sum of N1.4billion has been generated as at Sept.  30 against the projection of N4.4billion from our core activities, representing 32% performance.

“It is necessary to mention that our train services were stopped and significantly reduced upon resumption due to the impact of COVID-19 Pandemic.

“The construction work within the Lagos corridor including access to Apapa Port also impacted on our ability to provide train services.

“It is important to mention that during the period under review, the Corporation started making payments from its IGR into the Federal Government dedicated TSA as directed by the Federal Executive Council. A total sum of about N245.5million has so far been lodged into the account as at Oct. 31.

“The Railway Property Management Company Limited is a wholly owned subsidiary company of Nigerian Railway Corporation. As at Oct. 31, the Company has generated about N1.4 billion representing 91.5 per cent of N1.5 billion which was the revised approved revenue target for 2020.”

He added that the NRC forecasts a revenue of N5.3 billion in 2021 as the company would have more coaches available for its operations deployed to operational routes across the country.

“For the year 2021, the Corporation plans to generate a total of N5.3billion as IGR. More coaches are expected to be deployed to Abuja-Kaduna Train Service, full commercial operation has commenced between Warri-Itakpe and the Lagos-Ibadan Train Service is expected to commence soon,” Okhiria added.

He also added that 94% of the NRC’s Capital Appropriation for the year 2020 has been released so far, which has been used mainly for procurements.

“In the year 2021 Budget (Capital and Recurrent) of the Nigerian Railway Corporation for year 2020 budget, the sum of about N18 billion was appropriated for Capital Budget.

“This amount was subsequently revised downwards to N16 billion due to the economic downturn as a result of the COVID-19 pandemic which led to shut down of economic activities as well as the dwindling revenue from crude oil.

“As at today, about N15 billion representing 94 per cent of 2020 Capital Appropriation has been released and procurement process is on-going,” he said.


33 thoughts on “Nigerian Railway Corporation Fails To Meet N4.4billion Revenue Target, Announces N1.4 billion

  • April 16, 2021 at 9:08 am

    Ahaa, its pleasant dialogue on the topic of this paragraph at this
    place at this blog, I have read all that, so now me also commenting
    here. 0mniartist asmr

  • April 20, 2021 at 3:14 am

    157694 409076Rattling outstanding info can be discovered on internet blog . 881829

  • April 22, 2021 at 6:38 pm

    942210 159461I respect your piece of work, appreciate it for all of the interesting content . 916090

  • April 28, 2021 at 12:50 am

    Good day! Do you know if they make any plugins
    to protect against hackers? I’m kinda paranoid about losing everything I’ve worked hard on. Any suggestions?

  • April 29, 2021 at 12:28 am

    If you are going for best contents like me, only go to see this web site everyday as it offers feature contents, thanks

  • April 29, 2021 at 10:45 am

    If some one wants to be updated with most up-to-date technologies then he must be pay a
    quick visit this web page and be up to date everyday.

  • April 29, 2021 at 3:35 pm

    Wow, fantastic blog layout! How long have you been blogging for?

    you make blogging look easy. The overall look of your site is wonderful, let alone the content!

  • May 4, 2021 at 3:50 am

    Hi there friends, pleasant post and pleasant urging commented
    here, I am genuinely enjoying by these.

  • May 4, 2021 at 8:45 am

    Wonderful article! This is the type of info that
    should be shared across the net. Shame on the seek engines for not
    positioning this submit higher! Come on over and consult with my
    web site . Thanks =)

  • May 4, 2021 at 5:00 pm

    30833 719514 Spot on with this write-up, I truly think this web site needs significantly more consideration. Ill probably be once again to read considerably more, thanks for that information. 975917

  • May 7, 2021 at 11:51 am

    It’s the best time to make some plans for the future and
    it’s time to be happy. I have read this post and if I may just I wish to recommend you few fascinating issues or advice.
    Perhaps you can write next articles referring
    to this article. I desire to read even more issues approximately it!

  • May 8, 2021 at 5:15 am

    I used to be recommended this blog by way of my cousin. I’m not certain whether
    or not this post is written through him as nobody
    else understand such distinct about my problem. You’re wonderful!

  • May 12, 2021 at 8:55 pm

    130991 832183Very man or woman speeches need to have to seat giving observe into couples. Brand new sound system just before unnecessary people need to always be mindful of normally senior general rule from public speaking, which is to be the mini. finest man speaches 635326

  • May 15, 2021 at 2:09 pm

    I’m gone to say to my little brother, that he should also visit this blog on regular basis to obtain updated from hottest
    news update. scoliosis

  • May 17, 2021 at 12:14 am

    I am in fact happy to read this blog posts which carries plenty of helpful facts, thanks for providing these kinds
    of information. scoliosis

  • May 19, 2021 at 10:22 am

    Usually I don’t read article on blogs, but I would like to say that this write-up very pressured me to take a look at and do it!
    Your writing style has been surprised me. Thanks, very great article.

  • May 20, 2021 at 9:47 pm

    351944 184016Greetings! Quick question thats completely off topic. Do you know how to make your web site mobile friendly? My weblog looks weird when viewing from my iphone. Im trying to uncover a template or plugin that may be able to fix this problem. If you have any recommendations, please share. Appreciate it! 113537

  • May 21, 2021 at 12:22 pm

    It’s appropriate time to make some plans for the future and it is
    time to be happy. I’ve read this post and if I could I wish to suggest you some interesting things or suggestions.
    Maybe you could write next articles referring to this article.
    I wish to read even more things about it!

  • May 26, 2021 at 3:10 pm

    Hey there just wanted to give you a quick heads up. The text in your content seem to be running
    off the screen in Ie. I’m not sure if this is a format issue or something to do with
    internet browser compatibility but I figured I’d post to let you know.
    The design and style look great though! Hope you get the problem fixed soon. Thanks

  • May 29, 2021 at 5:46 pm

    I have read so many posts about the blogger lovers except this piece of writing
    is actually a good article, keep it up.

  • May 30, 2021 at 6:17 pm

    It’s going to be ending of mine day, but before finish I am reading this wonderful article to increase my knowledge.

  • May 31, 2021 at 7:30 am

    I’m not that much of a online reader to be honest but your sites really nice, keep it up!
    I’ll go ahead and bookmark your site to come back down the road.

  • May 31, 2021 at 4:15 pm

    Thanks for your marvelous posting! I definitely enjoyed reading it, you may
    be a great author. I will make certain to bookmark your blog and may come back later on. I want to encourage continue your great writing, have a
    nice holiday weekend!

  • June 1, 2021 at 12:28 am

    Thanks , I’ve recently been looking for information approximately this topic for a long time and yours is
    the greatest I’ve discovered so far. But, what in regards to the bottom line?
    Are you sure about the source?

  • June 1, 2021 at 4:54 pm

    Definitely believe that which you stated. Your favorite justification seemed to be on the net the easiest thing to be aware of.
    I say to you, I definitely get irked while people consider worries that they just don’t know about.

    You managed to hit the nail upon the top and defined out the whole thing without having side effect , people could take a signal.
    Will probably be back to get more. Thanks

  • June 7, 2021 at 4:45 am

    Six years ago, 6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6- 6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6- \ t 6-6-6-6-6-6-6-6-6-6-6-6-6 6-6-6-6-6-6-6-6-6-6-6-6-6-6-6 -6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6- -6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6- -6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6- -6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6- -6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6-6- -6-6-6-6-6-6-6-6-6-6-6-6 6-6-6.

  • June 13, 2021 at 7:56 am

    Within 9 months for several months. Check the confirmation # 972.September 28 “Love” in 2013

Leave a Reply

Your email address will not be published.

%d bloggers like this: