The National Bureau of Statistics (NBS) has announced that the Nigerian Railway Corporation (NRC) achieved significant milestones in the first half of 2024.

According to the NBS, the NRC successfully transported 1.4 million passengers and generated an impressive N3.11 billion in revenue during this period.

These figures, which represent the corporation’s revenue performance for the first six months of the year, were officially published in the bureau’s latest rail transportation report on Thursday.

The report reveals that the NRC’s half-year revenue represents a remarkable 66 percent increase over the corresponding period in 2023, during which the corporation generated N1.87 billion.

A breakdown of NRC’s performance revealed that in the first quarter (Q1) of 2024, 675,293 passengers travelled via the railway system, contributing N1.42 billion in revenue.

A similar number of passengers was recorded in the second quarter (Q2), leading to about N1.69 billion in revenue, the NBS said.

• ‘Cargo Transport Revenue Surged By 221%’

In addition to the rise in passenger traffic, the bureau said the NRC moved 304,409 tonnes of goods and cargo in the first six months of the year, generating N1.14 billion in revenue.

The result was a 221 percent increase relative to the N356.49 million recorded in the same period last year.

The report further highlights that 13,940 tonnes of goods were transported via pipelines, a significant jump from the 2,856 tonnes moved in the first half of 2023.

The data body said revenue from pipeline operations also surged to N101.21 million during the period under review, up from N12.81 million in the corresponding period of the previous year.

Additionally, the NRC was said to have recorded N1.02 billion in revenue from other income receipts, a significant increase compared to the N52.91 million generated in 2023.

Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, announced that the country’s foreign reserves have seen a significant boost, with a net inflow of $2.35 billion in the first seven months of the year.

He made this revelation on Thursday at the Access Bank corporate forum in Lagos.

According to Edun, the stability of the naira in the foreign exchange market has been instrumental in driving this growth.

The naira’s relative stability has led to an increase in foreign reserves, and access to foreign exchange has also improved.

“We have relative currency stability. And of course, the all important margin of the rates. We’ve seen a gradual elimination of multiple exchange rates,” Edun said.

“We also have foreign exchange liquidity. The gross reserves are up. There has been a net inflow in the first seven months of this year of about $2.35 billion every month.

“On the fiscal side as well, government revenues are growing and the key to government revenue is not so much that the government has revenue to compete with the private sector.”

Edun, however, said Nigeria’s tax to gross domestic product (GDP) ratio is as low as 10 percent, that revenue to GDP is also around 15 percent.

As at September 12, Nigeria’s external reserves stood at $36.08 billion, according to data from the Central Bank of Nigeria (CBN).

The CBN had, on September 17, said the country’s foreign exchange reserves are at risk due to the petrol subsidy removal and lower crude oil earnings.

The apex bank also said increased external debt servicing obligations could pose risks for the growth of external reserves.

The Independent National Electoral Commission (INEC) has directed political parties participating in the Edo state governorship election to conclude their campaigns by 11:59pm on Thursday.

On Thursday, INEC spokesperson, Sam Olumekun, issued a statement reiterating the provisions outlined in Section 94 of the Electoral Act 2022. This move aims to ensure compliance with the electoral regulations ahead of the scheduled election on September 21.

Section 94(1) of the act states that: “A person, print or electronic medium that broadcasts, publishes, advertises or circulates any material for the purpose of promoting or opposing a particular political party or the election of a particular candidate over the radio, television, newspaper, magazine, handbills, or any print or electronic media whatsoever called within twenty four hours immediately preceding or on polling day commits an offence under this Act.”

Olumekun said candidates and their supporters should not wear campaign materials to the polling units on Saturday.

“It is therefore illegal for any political party in Edo State to engage in rallies, processions or media campaigns from midnight today,” the statement reads.

“These prohibitions, including sanctions, are provided for in Section 96 of the Electoral Act 2022.

“Similarly, on Election Day, Saturday 21st September 2024, parties, candidates and their supporters should not appear at the polling units in their campaign attires or carry any campaign materials with them.

“We urge parties, candidates and their supporters to take note of the provisions of the law for compliance.”

Meanwhile, Asue Ighodalo, governor candidate of the Peoples Democratic Party (PDP), has ended his campaign.

In a statement issued by Erhabor Emokpae, the Team Asue Media Organisation (TAMO) said Ighodalo’s campaign ended today in line with provisions of the electoral act.

“We would like to inform the general public that the current campaign has been officially concluded by Ighodalo and consequently directed that no activity in this regard should exceed midnight, Sept. 19,” the campaign office said.

“After this time, any publications, advertisements, jingles, or any other promotional materials made in respect of the subject matter have not the blessing, endorsement or authorisation of Ighodalo or all that is associated with him in respect of same.

“Please be advised, therefore, Ighodalo will not be liable or held responsible for any consequences arising from any further campaign or promotional activities or communications conducted after the campaign’s official closing time and date.”