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Business News of Thursday, 23 June 2022


FG raked in N5.70bn from rail transportation in 2021 as food prices soar - NBS

National Bureau of Statistics (NBS) National Bureau of Statistics (NBS)

The federal government generated N5.70 billion as revenues from rail transportation in 2021, the National Bureau of Statistics (NBS) said yesterday.

This represented an increase of 226.44 per cent when compared to the N1.75 billion recorded in 2020.

According to the rail transportation data for 2021, which was posted on the NBS website, a total of 2,714,458 passengers traveled via train in the period under review compared to 1,020,368 passengers recorded in 2020. This translated to a 166.03 percent rise.

Similarly, a total of 168,301 tons of goods were transported in 2021, as against the 87,440 recorded in 2020, indicating a growth rate of 92.48 percent, the statistical agency further noted. The NBS said, in addition, revenue generated from goods in 2021 amounted to N317.57 million, higher by 12.87 percent compared to N281.35 million in 2020.

However, other income receipts in 2021 stood at N66.80 million, higher than the N5.19 million recorded in the preceding year.

Separately, the average price of 1kg of beans (white, black eye, sold loose) rose on a year-on-year basis by 37.22 per cent from N382.37 in May 2021 to N524.70 in May 2022, the NBS noted.

Month-on-month, this increased by 1.09 per cent from N519.05 in April, according to the Selected Food Price Watch for May 2022.

Also, the average price of 1kg of a Yam tuber increased on a year-on-year basis by 37.87 per cent from N269.98 in May 2021 to N372.23 in May 2022. Month-on-month however, the average price of the item increased by 3.05 per cent in May 2022.

Similarly, the average price of 2kg of Wheat flour; prepacked (golden penny) on a year-on-year basis, rose by 34.92 percent from the N785.87 recorded in May 2021to N1,060.26 in May 2022.

Also, month-on-month, wheat flour increased from N1,047.74 in April to N1,060.26 in May indicating a 1.20 percent growth.