Posted 12/27/2023, 11:15:19 PM
Railway Revenue Plummets as Debt Costs Skyrocket by Over 1,200% in 2023 First Half
- Railway debt servicing cost exceeded revenue by over 1,200% in first half of 2023
- Total railway revenue was N2.29bn in first half of 2023, compared to $38.59m (N29.98bn) spent on debt servicing
- Number of train passengers increased 53.65% from Q1 2022 to Q1 2023, but revenue decreased 63%
- Low railway revenue attributed to insecurity, ticket racketeering, and continued use of paper tickets
- Federal government aims to make N7.01bn from train passengers by 2025 through e-ticketing to boost revenue