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

AIICO Records N129.98bn Gross Premium

AIICO Records N129.98bn Gross Premium

AIICO has revealed that the company recorded a gross written premium of N151.85 billion between January and September 2025, compared to the N129.98 billion reported in the corresponding period in 2024. The 17 percent increase in gross written premium was disclosed in
Femi Otedola Issues New Statement After Reports Of Transcorp Plc Acquisition

Otedola Reduces Stake In Geregu — Third Time In Three Months

Femi Otedola, the chairman and majority shareholder of Geregu, has reduced his stake in the power-generating company, as he sold 4.29 million shares via a cross-deal stock transaction on November 11. Prime Business Africa gathered that Otedola sold the 4.29 million shares
Bulls Charge Ahead As NGX Shatters Records As Market Cap Surpasses N50trn

NCR Tops NGX Gainers, RT Briscoe Leads Losers’ List

The market capitalisation of the Nigerian Exchange (NGX) Limited closed at N91.41 trillion on Friday, November 21, below the N91.71 trillion reported on Thursday, November 20. Also, the all-share index (ASI) declined to 143,722.62 ASI, from 144,187.03 ASI, indicating a drop of
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

US Election: Biden Calls For Unity, Calm Following Trump Assassination Attempt

US Election: Biden Calls For Unity, Calm Following Trump Assassination Attempt

Biden Calls for Unity After Trump Assassination Attempt In a
Orjiako In More Trouble, As Access Bank Goes After Neimeth Asset

Orjiako In More Trouble, As Access Bank Goes After Neimeth Asset

Neimeth International has disclosed that Access Bank has served the