By Adedapo Adesanya
The Nigerian Railway Corporation (NRC) generated N1.4 billion in revenue in nine months, a fraction (32 per cent) of the N4.4 billion revenue target for 2020.
The corporation noted that this was caused by the coronavirus pandemic which affected its operations as train services were stopped during its peak, thus affecting the IGR projection for the year.
The Managing Director of NRC, Mr Fidelis Okhiria, at the 2021 Budget Defence to the Joint Committee of Land and Marine transport at the National Assembly in Abuja on Friday, added that a sum of N245 million was remitted to the Treasury Single Account (TSA) as at October 31.
He said, “The Joint Committee should also note that for the year 2020, the corporation presented a separate Internally Generated Revenue & Expenditure Budget. The sum of N1.4 billion has been generated as at September 30 against the projection of N4.4 billion from our core activities, representing 32 per cent performance.
“It is necessary to mention that our train services were stopped and significantly reduced upon resumption due to the impact of COVID-19 pandemic.
“The construction work within the Lagos corridor including access to Apapa Port also impacted on our ability to provide train services.
“It is important to mention that during the period under review, the Corporation started making payments from its IGR into the Federal Government dedicated TSA as directed by the Federal Executive Council. A total sum of about N245.5million has so far been lodged into the account as at October 31.
“The Railway Property Management Company Limited is a wholly-owned subsidiary company of Nigerian Railway Corporation. As at October 31, the company has generated about N1.4 billion representing 91.5 per cent of N1.5 billion which was the revised approved revenue target for 2020.”
He said that the corporation projected N5.3 billion as Internally Generated Revenue for 2021 from its investments.
“For the year 2021, the corporation plans to generate a total of N5.3billion as IGR. More coaches are expected to be deployed to Abuja-Kaduna Train Service, the full commercial operation has commenced between Warri-Itakpe and the Lagos-Ibadan Train Service is expected to commence soon,” Mr Okhiria said.
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.
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.
The NRC boss noted that the initial revenue target of N2 billion was reviewed downwards due to the impact of the COVID-19 pandemic.
“In 2021, the company has proposed to generate N2 billion, the total proposed Capital Budget of the Nigerian Railway Corporation is N23.8 billion distributed into 17 budget lines.
“In the year 2021 Budget (Capital and Recurrent) of the Nigerian Railway Corporation for the year 2020 budget, the sum of about N18 billion was appropriated for Capital Budget.
“This amount was subsequently revised downwards to N16 billion due to the economic downturn as a result of the COVID-19 pandemic which led to shutting down of economic activities as well as the dwindling revenue from crude oil.
“As at today, about N15 billion representing 94 per cent of 2020 Capital Appropriation has been released and the procurement process is on-going.
“The sum of N7.1 billion was appropriated for the year 2020 as total Personnel cost for the Corporation and as at September 2020 a total of about N6.47 billion has been paid, leaving a balance of about N627 million,” Mr Okhiria added.
PlentyWaka Partners GUO to Expand Travel Offerings
By Adedapo Adesanya
Nigeria’s leading transportation technology company, Plentywaka, has partnered with a leading interstate transport company, GUO to expand both companies’ travel offerings.
The partnership will see GUO enable its ticket booking on the Plentywaka app, therefore, joining its interstate travel network, Travelwaka and will also onboard 600 new buses from GUO onto its platform, leading to the opening up of new routes on the Travelwaka platform.
Major routes expected to debut on the platform include Lagos-Abuja along with about 200 others.
The recently-launched Travelwaka is majorly a booking platform for a network of interstate transport companies now including GUO Transports. It provides affordable tickets for major bus travel companies, offering as much as a 10 per cent discount.
It will also give users an easy and seamless way to compare options from a wide range of travel companies all in a single search, and on one single app as both companies combine technology, and marketing, to bring transport into one simple product, the Plentywaka mobile app.
Speaking on the partnership, co-founder and CEO of Plentywaka, Ms Onyeka Akumah, said: “The partnership with GUO Transport Services Limited is great for our users especially because we know a lot of them have been looking for routes that GUO operates on.”
“We are very excited to have developed the technology behind an easy-to-use mobile app that will make the travel experience seamless for Nigerians,” she added.
The partnership will capitalise on GUO Transport’s experience, which has one of the largest range of routes among interstate operators on the Nigerian transport scene. Founded in 1980 as a division of G. U. Okeke & Sons Ltd, the company presently services more than 200 routes spanning the length and breadth of Nigeria and spilling into the West African sub-region.
With its modern, environmentally-friendly fleet and professional service, the company has become an icon in the transportation industry, providing safe, enjoyable and affordable travel to millions of passengers annually.
On the part of the company, its Director of Operations, Mr Kene Okeke, said it will enable GUO to deliver its remarkable services to more people.
“We are excited about this partnership with PlentyWaka because their values and offerings align closely with ours. We can now move more people from across Nigeria conveniently and without hassle.”
With this new partnership and additional 600 buses, Plentywaka brings the total amount of buses on its Travelwaka network to 850. And the transport technology company which has completed over 350,000 rides in the last 20 months isn’t slowing down.
“We will continue to sign leading bus operators in Nigeria as we aim to become the largest aggregator of bus operators in the country providing a better way to manage and monitor their bookings and customers,” the company said.
Bolt Introduces Free in-App Calling Feature
By Aduragbemi Omiyale
A feature that allows easy communication flow without extra charges to users has been introduced by Africa’s leading ride-hailing platform, Bolt.
The Voice over Internet Protocol (VoIP) feature simplifies communication between riders and drivers and it is part of Bolt’s commitment to the safety of its users.
It was explained that the new feature enables riders and drivers to utilise phone services over the internet, eliminating the cost of regular phone calls. In addition, the VoIP feature adds an extra layer of safety and assurance when riders engage with drivers.
Bolt pairs thousands of riders and drivers daily, with the in-app calling feature as an added security measure designed to protect user data.
Additionally, the Bolt platform includes other safety features such as GPS tracking, ride-hailing insurance available for all trips, amongst others.
For riders to activate and use the new VoIP feature, they are required to update their Bolt App and tap on the Call in-app button on the Contact driver options menu.
Once the feature is enabled, a call can be connected through the App to access the phone’s microphone. The App will also notify a rider when a driver is trying to call them.
“We are constantly innovating and identifying ways to ensure our services remain safe and convenient for both riders and drivers,” the Country Manager at Bolt, Mr Femi Akin-Laguda, stated.
Mr Akin-Laguda added that, “This new feature ensures extra security that secures our riders and drivers’ information and provides cost savings on airtime use.”
“VoIP is similar to voice calls on other social media applications – users can place a call via the platform without necessarily dialling a phone number,” he added.
Bolt has more than 10,000 drivers on its platform and provides an affordable, convenient and responsible service for riders. The VoIP feature will further improve user experience and enhance communication.
Gokada to Resume Operations in Ogun, Oyo
By Adedapo Adesanya
Top Nigerian ride-hailing company, Gokada, has launched a new mobile application that will allow its customers to use its e-commerce and food delivery services under a single platform.
In addition, the company is also planning to resume its bike transportation services in cities in Ogun and Oyo States, where commercial motorcycles riders are still allowed to operate.
Last year, the firm diversified into logistics (Gsend) and food delivery services (GShop) after the Lagos State government under Mr Babajide Sanwo restricted the use of motorcycles in the state in January.
In a statement released on Tuesday, the company said, “With increasing internet penetration and ease of mobile payments, the e-commerce sector in Nigeria is set to grow and last-mile delivery is set to drive this even further.
“Gokada is looking to serve this growing market with expansions from its current base in Lagos across multiple cities in Nigeria.”
With the super app, Gokada customers in these cities will be able to access food delivery, e-commerce (medicines and groceries among other supplies), and logistics, and will also be able to use ride-hailing services.
According to the Chief Executive Officer, Mr Nikhil Goel, “In September and October, we launched GShop which is the food delivery platform for Gokada.
“What we realized from our customers was that while they were using the Gsend and GShop separately, they came to us asking if we could put them together.
“So, doing this is more like a transition from other things we were doing and making it easier for our customers to have all our services in one platform and create a super app.”
“Before Gokada ventured into ride-hailing in Lagos, people questioned us. When we entered the delivery space, it was the same question people asked. They said we didn’t have the experience. But today, if you look at it critically, we’ve changed this market in a different manner,” Mr Goel said.
Following the death of its founder, Mr Fahim Saleh, the leadership of the company fell into the hands of Mr Goel who has grown the company’s volume by 300 per cent in the last six months while revenue increased in 10-folds within the past year.
Like Our Facebook Page
Latest News on Business Post
- Nigeria to Get 3.92m Extra COVID-19 Vaccine Doses June 16, 2021
- Stanbic IBTC Anchors Sustainability Strategy on Four Pillars June 16, 2021
- Insight Publicis Emerges 2021 Nigerian Agency of the Year June 16, 2021
- SEC Okays NG Clearing as Central Counterparty June 16, 2021
- CSCS, NGX Lift OTC Exchange by 0.77% After Holiday June 16, 2021
- Naira Worsens, Sells for N505/$1 at Black Market June 16, 2021
- NGX: All-Share Index Slips Back to 38,000 Region After 1.66% Loss June 16, 2021
- Crude Trades $74 as Market Expects Rapid Recovery in H2 June 16, 2021
- NNPC to Supply 30,000bpd Crude Oil to Asia June 15, 2021
- Inflation in Nigeria Moderates to 17.93% in May 2021 June 15, 2021
Economy5 years ago
Kwara Disburses N1.7b For Projects
Feature/OPED1 year ago
Davos was Different this year
Technology6 months ago
How To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN
Economy3 years ago
FAAC: FG, States, LGs Share N655.18b in January
Economy3 months ago
MBA Forex Blames CBN for Inability to Return Investors’ Funds
Banking3 years ago
Sort Codes of GTBank Branches in Nigeria
General2 years ago
Ikeja Electric Explains How to Get Prepaid Metres via MAP
Economy5 years ago
How To Identify Fake Naira Notes