Nigeria Fails to Settle its Debt to China.

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Nigeria’s debt to China, which has risen to N110.31 billion over the past two years, has not been paid off. The principle and payback charges were included in the China debt stock, per a report by the Debt Management Office (DMO).

Despite not being able to pay off its N41.31 billion debt, the Nigeria Railway Corporation (NRC) has been able to produce N11, 606,737,070 in the last two years. According to the National Bureau of Statistics (NBS), the sector’s income was N5,570,998,908, down from N6,035,738,162 in 2021 by N464,739,254.

Railway services brought in N5, 697,512,095 in 2021 from passenger fees, N299, 805,884 from products, and N38,420,183 from miscellaneous income collections. However, revenue for 2022 showed that N4,546,342,056 came from travelers, whereas N416,856,190 was realised from goods and N607,800,662 was generated from other income.
This indicated that while revenue generated from passengers fell in 2022, the goods and other income increased in productivity. The NRC had earlier disclosed that Insecurity is impeding the growth of rail services in Nigeria.

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