Nigeria Railway Corporation generates N4.1 billion in 2017

The Managing Director, Nigeria Railway Corporation (NRC), Fidet Okhiria, said, on Wednesday, that the cooperation generated N4.12 billion in 2017, as against the N4.85 billion targeted.
Okhiria made this known during the 2018 Budget Defence and the organisation performance in 2017 before the House Committee on Land Transport in Abuja.
According to him, out of 2017 capital budget released, 32 per cent was expended, noting that the procurement process of the remaining 68 per cent was being concluded.
“I present to you our 2017 budget performance as well as the 2018 budget proposals. As you are aware, the beginning of 2017 was very challenging.
“However, we are delighted that government had made significant release this month. As at today, about 76 per cent of the 2017 capital budget was released out of which 32 per cent was expended.
“And the procurement process of the remaining 68 per cent is being concluded. About 99 per cent personnel cost and 15 percent overhead costs were released and were 100 per cent utilised.
“Our targeted Internally Generated Revenue (IGR) for 2017 was N4, 852,955,428 and we were able to realise a total of N4, 129,348,493 which represent about 85 per cent, which has helped us to sustain the operations,” he said.
The managing director said that the corporation target for 2018 is to improve on operational efficiency hence; its 2018 Budget proposal is being guided by the directive of Federal Ministry of Budget and Planning.
Okhiria said NRC was making a capital proposal of N11.43billion with personnel cost of N5.29 billion and an overhead proposal of N105,400.
He said that the NRC was projected to realise N4.29 billion in 2018.
“The capital proposal is aimed at continuous maintenance of both narrow and standard gauge lines, procurement of spare parts and rehabilitation of the locomotives coaches and wagons.
“Continue with the signalling and telecom system upgrade while the IGR will be mainly to cover operational expenses.”

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