The cost of servicing debt for railway projects exceeded the Nigerian Railway Corporation (NRC)’s revenue by 1,208.5 per cent in the first half of 2023. Over 63,000 people have benefited from the free train ride declared by the federal government. The government spent $38.59m on servicing debt for railway projects.
The cost of servicing debt for railway projects exceeded the Nigerian Railway Corporation (NRC)’s revenue by 1,208.5 per cent in the first half of 2023, an analysis of debt service documents has shown. This is as the NRC said over 63,000 people have so far benefited from the free train ride declared by the federal government for the yuletide travels by Nigerians. Managing director, NRC, Engr. Fidet Okhiria, disclosed that the 63,000 passengers were moved between December 24 and 26 alone.
Recall President Bola Ahmed Tinubu had last week declared free train rides across the country covering all passenger services operated by the NRC. This is in addition to the 50 per cent discount on inter-state transportation. On the debt servicing, Punch reports that the government spent $38.59m (N29.98bn at N777/$) on servicing debt for loans obtained to build the Nigeria Railway Modernisation Project (Idu Kaduna Section) and Nigeria Railway Modernisation Project( Lagos – Ibadan Section) in the first half of 2023 At that time frame, the total railway revenue was N
Nigerian Railway Corporation Debt Servicing Revenue Free Train Ride Federal Government Railway Projects
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