- NRC generates N1.70bn in Q3 2024
A review of the Medium Term Expenditure Framework by the President Bola Tinubu-led government has shown that Nigeria has projected importation of goods to rise to N66.8 trillion in 2025.
This is N34.4 trillion more than the N32.4 trillion that was projected for 2024.
The government blamed the depreciation in the value of naira for the projected increase in the value of importation expected into the country.
“Import of goods is projected to increase to N66.90 trillion in 2025 because of currency depreciation but is expected to slightly decline to N65.67 trillion and 65.70 trillion in 2026 and 2027, respectively, as the depreciation effect would have waned.
“A reduction in inflation rate is anticipated in 2026 and 2027 due to the lag effect of tight monetary policy on demand for goods and services, expected lower deficit financing and reduction in supply-side constraints” the statement from the MTEF read.
The development also comes amid claims of the government that it plans to ensure that Nigerians rely on local production reducing reliance on importation.
Nigeria has heavily been an import dependent country, an issue that substantive administrations at different times had promised to address.
In the third quarter of 2024 alone, Nigeria recorded importation value worth N14.6trillion.
There have been concerns on business sustainability across the country blamed on economic policies of the Tinubu-led administration.
Petroleum is a major product imported into Nigeria. The country also imports wheat, gas, oil, and used vehicles among others.
NRC generates N1.70bn in Q3 2024
Meanwhile, the Nigerian Railway Corporation generated N1.70bn from passengers in the third quarter of 2024, an increase of 13.83% from the N1.49bn billion recorded in the same period last year.
A report by the National Bureau of Statistics said the money was collected from the 743,205 passengers that travelled via rail system, a 25.05 per cent increase from the 594,348 reported in the corresponding quarter of 2023.
The report added that the corporation made N412.57m from goods/cargo conveyed via rail, up by 89.60 per cent from N217.60m received in Q3 2023.
In addition, revenue generated from the movement of goods/cargo via pipeline stood at N51.85m in Q3 2024, lower than the N69.18m reported in the corresponding period of last year.
Other receipts amounted to N34.77m, indicating a decrease of 70.84 percent in Q3 2024 from the N119.22m received in Q3 2023.
“The volume of goods/cargo transported via rail in Q3 2024 stood at 96,401 tons compared to 69,003 tons recorded in Q3 2023. In the quarter under review, the Nigerian Railway Corporation (NRC) reported an additional volume of goods/cargo transported via pipeline which stood at 7,320 tons, lower than 12,960 tons in Q3 2023,” the NBS said.
