NRC generates N1.4bn IGR, remits N245m to TSA

NRC generates N1.4bn IGR, remits N245m to TSA

The Nigerian Railway Corporation (NRC) on Friday said its Internally Generated Revenue (IGR) as at Sept. 30 stood at N1.4billion as against N4.4billion projection for 2020.

Fidets Okhiria, Managing Director of NRC, in a statement said the sum of N245million was remitted to the TSA as at Oct.31.

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Okhiria said this at the 2021 Budget Defence to the Joint Committee of Land and Marine transport at the National Assembly in Abuja.

He said that the Coronavirus (Covid-19) pandemic affected its operations as train services were stopped during its peak, thus affecting the IGR projection for the year.

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He said a total sum of about N245.5million has so far been lodged into the TSA account as at Oct. 31.

He said that the corporation projected N5.3 billion as Internally Generated Revenue for 2021 from its investments.

According to him, the Corporation’s operational expenditure remains very high because most of the stations along Abuja-Kaduna Railway line are substantially powered by diesel generators.

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He said efforts were, however, being made to ensure that alternative sources through Independent Power Plant (IPP) was explored to service all routes beginning with the Standard gauge lines.

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