in Q1 2023, says NBS

for Q1 2023 showed that a total of 441,725 passengers travelled via the rail system in Q1 2023, lower than the 953,099 reported in the corresponding quarter of 2022, representing a growth rate of -53.65 percent,” the report said.

“In addition, 59,966 tons of goods were transported in Q1 2023, compared to 39,379 tons reported in Q1 2022.”

Analysis of the data shows that the decrease in the number of passengers also had a strong effect on the revenue generation of the corporation.

The revenue generated from passengers in Q1 2023 was N768.44 million, while income stood at N2.08 billion in the same period last year.

However, the NBS report said revenue generated from goods and cargo increased insignificantly.

The federal government raked in N181.27 million from goods/cargos in Q1 2023 — a 99.28 percent surge from N90.96 million earned in Q1 2022, according the report.

Further Checks by this medium Index show that other receipts amounted to N34.17 million, indicating a decline of 41.02 percent in Q1 2023, compared to the N57.92 million collected in Q1 2022.

In March 2022, the NRC suspended its Abuja-Kaduna train operations after an attack by gunmen.

The incident had occurred around the Kateri-Rijana area of Kaduna — close to the train’s final stop.

In a bid to provide security and confidence to passengers, in August 2022, the federal executive council (FEC) approved N718.19 million to two security outfits to protect the 45-kilometre Abuja rail tracks and stations.

After an eight-month suspension, in December 2022, the government lifted the suspension and resumed operations on the Abuja-Kaduna route.

Meanwhile, in all categories in the report, the year 2020 (particularly Q2 2020) suffered the most losses and turnout of passengers due to the COVID-19 lockdown imposed by the federal government to curtail the spread of the virus across Nigeria.

NUPRC: Nigeria’s oil output rose by 18% to 1.18m bpd in May

Nigeria’s oil production increased to 1,183,691 barrels per day (bpd) in May 2023.

The country’s drilling performance is contained in the latest crude oil and condensate production data of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

The current output level represents an 18.53 percent rise compared to April 2023, when the yield was 998,602 bpd, according to the report.

It also marks a 15.55 percent growth from the corresponding period of 2022 when Nigeria recorded 1,024,371 bpd output.

With the addition of condensate, the NUPRC said oil production rose from 1.245 million bpd in April 2023, to 1.427 million bpd in May the same year.

Condensate is a mixture of light liquid hydrocarbons, similar to a light (high API) crude oil. It is usually separated from a natural gas stream at the point of production (field separation) when the temperature and pressure of the gas are dropped to atmospheric conditions.

But despite the increase, the oil output of the country is still below the 1.74 million bpd quota of the Organisation of Petroleum Exporting Countries (OPEC).

Earlier in the month, OPEC and its allies (called OPEC+) decided to extend the recent voluntary cuts made by member states until the end of 2024.

The oil cartel also revealed plans to cut Nigeria’s production level to 1.38 million bpd, starting from January 2024.

According to the alliance, the decision was based on the country’s peak production in 2023.

However, OPEC said the figure could be reviewed to 1.57 million bpd, subject to verification.

Recently, the policy advisory council of President Bola Tinubu projected that the country’s oil production will increase to 1.8 million bpd by December 2024, 2.5 million bpd by May 2027, and 4 million bpd by 2030.