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The Nigerian Railway Corporation says the rising cost of diesel has almost made it impossible to operate its trains, forcing the corporation to run at a loss and resort to borrowing to stay afloat.
Kayode Opeifa, managing director of the NRC, made the disclosure during a town hall meeting with workers in Lagos on Friday, according to a statement from the corporation.
“The fact is that the cost of diesel alone has almost made it impossible to operate our trains,” Opeifa told NRC workers.
“We are running at a loss and we had to resort to borrowings to keep our operations.”
Opeifa assured that the corporation would continue to prioritise workers’ welfare despite its precarious financial position.
“Let me assure you that the corporation will continue to prioritise your welfare, but you must appreciate our precarious financial position,” he said.
He added that the NRC would improve worker welfare as soon as its financial situation improves.
The managing director assured that the NRC management would continue to work with the corporation’s two workers’ unions, the Nigerian Union of Railway Workers and the Senior Staff Workers’ Union, on all grey areas.
He said under his administration, workers would not need to go on strike to resolve any conflict.
Opeifa directed the Human Resources Department to address all workforce-related concerns.
Despite the financial challenges, Opeifa said the NRC would soon begin deploying a high-speed train from Lagos to Abuja as part of its expansion plans.
“This requires more spaces not only for construction of the corridor but also for more modern quarters for essential workers,” he said.
He also announced plans to construct a new headquarters for the NRC at Murtala Muhammed Way, Ebute-Meta, Lagos State.
