Experts see NRC’s N4.1bn revenue in 2017 as signal of improvement
Whereas the managing director of the Nigerian Railway Corporation (NRC), Mr. Fidet Okhiria on Wednesday decried that the Corporation only generated N4.12 billion out of targeted N4.85bn in 2017, industry observers have praised the effort of the management in hitting close to target unlike previous years.
According to Chief Dele Omoruyi, a transport analyst, he told Business Hilights that “Since the emergence of democracy in 1999, this is the first time some of us hear about making money at NRC for the government”.
“The indications are that the management led by Engineer Okhiria has stepped up the game in the Corporation. All they need now is support considering this feat and series of ongoing reconstruction schemes on rail infrastructure across the federation.
Okhiria had revealed during his 2018 Budget Defence before the House Committee on Land Transport in Abuja that out of 2017 capital budget released, only 32 per cent was expended, while the procurement process of the remaining 68 per cent was still hanging due to bureaucracy associated with the policy.
He said “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 realize a total of N4, 129,348,493 which represent about 85 per cent which has helped us to sustain the operations, “he said.