The Nigerian Railway Corporation recorded a net deficit of N26.4bn in the 2023 financial year, despite generating N19.17bn in revenue, highlighting the persistent financial strain facing the nation’s rail operator.
According to the financial statement by the Ministry of Finance Incorporated, a breakdown of the 2023 performance shows that non-exchange revenue stood at N12.12bn, while exchange revenue contributed N7.05bn, bringing total earnings to N19.17bn. However, this was outweighed by total expenditure of N45.58bn, resulting in the reported deficit.
On the asset side, the NRC reported total non-current assets of N862.86bn in 2023, reflecting the scale of infrastructure and long-term investments under its control. Current assets included receivables of N20.75m, inventory of N5.40bn, and bank and cash balances of N3.34bn.
All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
Contact: [email protected]
