FG Losing N499m Monthly, As Abuja-Kaduna Rail Line Revenue Falls From N500m To N1m

August 31, 2023
FG Losing N499m Monthly, As Abuja-Kaduna Rail Line Revenue Falls From N500m To N1m

The Managing Director of the Nigeria Railway Corporation (NRC), Fidet Okhiria, said the revenue generated by the Abuja-Kaduna rail line has dropped by N499 million after the attack by terrorists.

Okhiria disclosed on Wednesday that the monthly revenue dropped to N1 million from N500 million generated before the bandits’ gruesome attack occurred on 28 March 2022.

Join our WhatsApp Channel

The deadly attack, which occurred between Katari and Rijana, killed eight passengers and the terrorists kidnapped some passengers only to release them after the attackers were allegedly paid to free the victims.

Okhiria said after the attack, the turnover of the Abuja-Kaduna rail line dwindled by 99.8 per cent, pushing the operators of the railway service into financial difficulties.

The insecurity has forced the Abuja-Kaduna rail line to limit its operations between 6 am to 6 pm, against their previous schedule of 6 am to 10 pm. For the rail line to break even, Okhiria said it must resume the full schedule.

“Before the attack, we were earning N500 million a month and after the attack, we were earning barely one million and we must operate and provide service to the people, which is why we are glad about the minister’s surprise visit to highlight some of these operational issues.

“Currently, we do two return trips against the 10 we were doing before that incident and we were running from 6 am to 10 pm but now we have been advised not to exceed to 6 pm. So, we are hopeful that when the security situation normalises and they are able to advise us,  we can start the full operation so that we can break even.

“We have paid two months out of the 5 months outstanding and we hope to conclude it soon. They know that before now, we don’t delay and we pay before the end of every month when everything is going on well,” Okhiria said.

+ posts

Featured Stories

Latest from Business

Bulls Charge Ahead As NGX Shatters Records As Market Cap Surpasses N50trn

NGX Records N63.83bn Share Trades Within Three Days

A total turnover of 2.87 billion shares, worth N63.83 billion, was traded in 80,229 deals by investors on the floor of the Nigerian Exchange (NGX) between Monday and Wednesday. The NGX, also known as the stock market, opened for three trading days
Fidson Grows Revenue By 55%, Profit Reaches N11.90bn

Fidson Grows Revenue By 55%, Profit Reaches N11.90bn

Fidson Healthcare saw a 55.83 percent increase in its revenue, which stood at N93.08 billion for the period between January and September 2025, compared to the N59.72 billion generated in 2024. In the company’s unaudited report and financial statements for the period

Dollar Rate Drops By N10 In Black Market

Over N10 was removed from the foreign exchange rate for the United States dollar (USD) in the black market on Wednesday, December 24. According to Naira Rates, the price for a dollar had depreciated to N1,467.99 kobo per $1, from the N1,477.99
NGX Suspends Trading In Unity Bank, Guinea Insurance, 6 Other Companies’ Shares

Over N118.37bn Added To Nigerian Stock Market Cap

Guinness led the gainers’ list on the Nigerian Exchange (NGX) on Wednesday, December 24, and Legend Internet topped the losers’ table as the stock market capitalisation increased by N118.37 billion. According to NGX, the stock market capitalisation grew to N97.89 trillion, from
Previous Story

Funding crisis threatens Africa’s fight against neglected tropical diseases

Next Story

Death Toll Hits 73, More Than 50 Injured In South African Fire

Don't Miss

BREAKING: Yusuf Baba-Ahmed Confirmed As Peter Obi’s Running Mate

Hours after Dr. Doyin Okukpe tendered his resignation letter as
Support Dangote Refinery To End Fuel Scarcity, NBA  Tells Nigerian Govt

Support Dangote Refinery To End Fuel Scarcity, NBA  Tells Nigerian Govt

The Nigerian Bar Association (NBA), a professional body of lawyers