Business

NRC to increase train trips in 2024 — MD

Published

12 months ago

January 1, 2024

Managing Director, Nigerian Railway Corporation, Mr. Fidet Okhiria

NRC to increase train trips in 2024 — MD

The Managing Director, Nigerian Railway Corporation, Mr. Fidet Okhiria, has said that the corporation will begin six train trips daily on the Standard Gauge Train across the board in 2024.

Okhiria disclosed in an interview with the News Agency of Nigeria in Lagos State, on Monday.

He said that the train was meant to operate 24 hours, but the present situation in the country had reduced the turnaround time.

“We are going to increase the number of train trips to six on Lagos-Ibadan, Warri-Itakpe and Abuja-Kaduna, which means the trips will be three times to and three times fro, making six trips in a day.

“The trips will commence before the second quarter of 2024. Right now, they are running four trips — two up and two down across the board.

”What is limiting us is the night operations, and that is not the way train should operate. The train is meant to operate at all times. People may like to travel in the evening, but because of the security situation in the country, we limit ourselves to the daytime,” he said.

Okhiria added, “We intend to bring back passengers and freight trains from Port-Harcourt to Aba, Lagos to Kano and Kaduna because of the dry ports.”

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He said the NRC had a vandalism issue in the Warri-Itakpe area in 2023, which was fixed two weeks after the incident took place.

The NRC boss said it would be difficult for the train tracks to be vandalised when occupied.

He said that the price of commodities would reduce drastically with the freight train operating across the country.

Okhiria said that the corporation would begin the Port-Harcourt-Aba, Lagos to Kano train service for both passengers and freight in the first quarter of 2024.

He also noted that the Dala Dry Port had been asking NRC to come up and bring cargo to them, while Funtua and Kaduna dry ports had also shown interest in freight haulage, adding that the railway would partner with all the dry ports in the country to reduce the time of doing business and increase government revenue.

He said that NRC had employed junior staff from levels four and six, and was awaiting government approval before placing them while commending the government’s efforts in connecting rail across the country and urging Nigerians to develop an interest in rail transportation.

PUNCH Online reports that Okhiria had said the corporation was yet to recover from previous fare waivers by the Federal Government, following a previous announcement by the FG of a 50 per cent waiver on interstate round transport and free train rides as part of moves to cushion the impact of the high cost of living in the country, especially during the Yuletide.

The NRC boss explained that because of the high price of diesel which the trains run on, the government should make provisions to cover the cost and other logistics.

NRC to increase train trips in 2024 — MD

NAN

Railway

Lagos Rail Mass Transit part of FG free train ride – NRC

Published

1 day ago

December 21, 2024

Trends Admin

Lagos Rail Mass Transit part of FG free train ride – NRC

The Nigerian Railway Corporation (NRC) has disclosed that the Lagos Rail Mass Transit (LRMT) trains are included in the Federal Government’s free train ride initiative for the Christmas and New Year celebrations.

The LRMT, which currently includes the Phase 1 Blue Line Rail and the Phase 1 of the Red Line Rail, operates under the Lagos Metropolitan Area Transport Authority (LAMATA).

This announcement was made by Ben Iloanusi, the Acting Managing Director of the NRC, during an interview on NTA News TV on Friday, following the launch of the initiative earlier that day.

While Iloanusi stated that Phase 1 of both the Blue Line and Red Line Rail projects are part of the program, LAMATA has yet to confirm this inclusion.

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Iloanusi outlined the other routes benefiting from the scheme, which include the Lagos-Ibadan Train Service, Kaduna-Abuja Train Service, Warri-Itakpe Train Service, Port Harcourt-Aba Train Service, and the Bola Ahmed Tinubu Mass Transit in Lagos. Notably, little was previously known about the Bola Ahmed Tinubu Mass Transit service until this disclosure.

“Let me mention the routes where this free train service is happening. We have the Lagos-Ibadan Train Service, we have the Kaduna-Abuja Train Service, we have the Warri-Itakpe Train Service, we have the Lagos Rail Mass Transit trains, we have the Port Harcourt-Aba Train Service, and we have what we call the Bola Ahmed Tinubu Mass Transit, which is also in Lagos,” he stated.

Iloanusi provided operational updates, stating that passengers nationwide can access free tickets online or, for those unable to do so, at train stations where they will be profiled and validated.

He noted that passengers using NRC-managed services (excluding the Lagos Rail Mass Transit) should reserve tickets via the official website, www.nrc.gov.ng, with a valid ID required. He also advised travelers to plan, arrive on time, and bring valid identification.

Lagos Rail Mass Transit part of FG free train ride – NRC

Business

NNPC denies claim of Port Harcourt refinery shutdown

Published

1 day ago

December 21, 2024

Trends Admin

Port Harcourt refinery

NNPC denies claim of Port Harcourt refinery shutdown

The Nigerian National Petroleum Company Limited (NNPCL) has denied claims in media reports that the newly refurbished Port Harcourt refinery has shut down.

The national oil company denied the claim in a press release issued by its Chief Corporate Communications Officer, Olufemi Soneye, on Saturday.

Soneye said the claim was false and urged Nigerians to disregard it. He stressed that the Port-Harcourt Refinery is fully operational.

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The statement read, “The attention of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has been drawn to reports in a section of the media alleging that the Old Port Harcourt Refinery which was re-streamed two months ago has been shut down.

“We wish to clarify that such reports are totally false as the refinery is fully operational as verified a few days ago by former Group Managing Directors of NNPC.”

He noted that preparation for the day’s loading operation is currently ongoing, and added that claims of the shutdown are “figments of the imagination of those who want to create artificial scarcity and rip-off Nigerians.”

NNPC denies claim of Port Harcourt refinery shutdown

Business

CBN permits BDCs to buy up to $25,000 FX weekly from NFEM

Published

2 days ago

December 20, 2024

Trends Admin

CBN Governor, Olayemi Cardoso

CBN permits BDCs to buy up to $25,000 FX weekly from NFEM

The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).

This move, detailed in a circular dated December 19, 2024, is designed to meet seasonal retail demand for FX during the holiday period.

The circular was signed by T.G. Allu, on behalf of the Acting Director of the Trade and Exchange Department.

The arrangement will be in effect from December 19, 2024, to January 30, 2025.

Under the directive, BDCs may purchase FX from a single Authorized Dealer of their choice, provided they fully fund their accounts before accessing the market.

Transactions to occur at the prevailing NFEM rate

The transactions will occur at the prevailing NFEM rate, and BDCs are required to adhere to a maximum 1% spread when pricing FX for retail end-users.

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All transactions conducted under this scheme must be reported to the CBN’s Trade and Exchange Department.

The circular read in part:

“In order to meet expected seasonal demand for foreign exchange, the CBN is allowing a temporary access for all existing BDCs to the NFEM for the purchase of FX from Authorised Dealers, subject to a weekly cap of USD 25,000.00 (Twenty-five thousand dollars only).

This window will be open between December 19, 2024 to January 30, 2025.

“BDC operators can purchase FX under this arrangement from only one Authorized Dealer of their choice and will be required to fully fund their account before accessing the market at the prevailing NFEM rate. All transactions with BDCs should be reported to the Trade and Exchange department, and a maximum spread of 1% is allowed on the pricing offered by BDCs to retail end-users.”

The CBN assured the general public that PTA (Personal Travel Allowance) and BTA (Business Travel Allowance) remain available through banks for legitimate travel and business needs.”

These transactions are to be conducted at “market-determined exchange rates” within the NFEM framework.

This initiative reflects the CBN’s strategy to stabilize the FX market and manage seasonal surges in demand.