INTRODUCTION
1.1 BACKGROUND
OF THE STUDY
The Nigerian Railway Corporation (NRC)
has been in existence for years. It is regarded the largest transport
corporation in Nigeria and has a high network operations.
The
Nigerian railway corporation is One Hundred and Fourteen years (114) old and it
runs a unilaterally designed track system of 1067mm charge gauge. Only 30km of
its track distribution is in double track and that is within Lagos area.
Nigerian Railway Corporation
actually commenced rail business activities with the construction of the first
rail line from Lagos to Ibadan 193m between 1998 and 1901. By 1964 when the
construction of 640km Kano-Maiduguri rail line, then known as Bornu extension,
was completed, the present core of the railway network hard been put in place.
Presently, the railway system is made track
kilometers. In addition to this is the 19km 1067mm gauge extension from
Port-Harcourt to one deep sea port and the 277km standard gauge rail construction
of 1435mm from
Ajaokuta to Warri.
Nigerian railway was transformed from its first and
initial name.
“Government Department of
Railway” t
1955 through the instrumentality of the statutory
act of parliament which, apart from changing the name of the railway industry
in Nigeria, equally conferred on it absolute monopoly as the institution
recognized by law to carry out railway services.
The general aim and object of the statutory act of
parliament of 1955 for Nigerian railway is to recognize same as carryi
passenger and goods in a manner that will offer full value for money, meet cost
of
operation, improve market share and quality of
services, ensure safety of operation and maximum efficiency, meet social
responsibility in a manner that will meet the
requirements of rail
after, trade, comm
The headquarters of the corporation is
located at Ebute-metta in Lagos state while the entire network is for
administrative convenience, divided into seven autonomy districts viz.Lagos
(Ebute-Metta junction), west (Ibadan), north (Zaria), east Enugu), North-west
(Minna), north- central (Kanfanchem) and North-east (bauchi)
The railway system has
been undergoing same rehabilitation and modernization with the full political
and financial support of the federal government through the federal ministry of
transport. The rehabilitation of the railway system includes track spot removal
of Lagos to Kano and Maiduguri to port-Harcourt, supply of 25 new locomotive
engines from brazil south America to boost the registry motive power base of
the corporation, up grading of the signaling and telecommunication system from
manual to semi automatic, as well as rehabilitation of carriage and wagon
workshops, re-equipping the workshops, supply of service support (spare part
consumables), strategic rebranding of the corporation, rehabilitation of
stations and marshalling yards inter alia.
Equally, new railway
lines are being constructed in standard gauge (1435mm). These include:
Ajaokuta-Warri of 277km, Kaduna-Abuja (Idu) line of 186km while the scope of
work for Lagos-Ibadan segment is under review together with its cost
implications.
The Nigerian Railway
Corporation has contributed amenably towards the improvement of social life and
the development of the national economy. This is through to be extended to
every part of the country that is the haven stages which will lead to permanent
prosperity confident was such an ultimate triumph of the railways.
However, regardless of
the huge success made by the corporation, it is facing a hard time.
1.2 STATEMENT OF
PROBLEMS
Nigeria Railway
Corporation which dominated the transport sector of the economy in the sixties
is presently being delegated by other means of transport such as road
transport, sea, and air transport. The corporation has lost her passengers and
freight mainly to road transport; this is because of inability of the
corporation to compute effectively in order to meet the age longed challenges.
Ordinarily there should
have been growth in both road and railway transport but the railway transport
seems neglected. The truth of the matter is not just neglected, but a problem
of cash flow difficulty and management these affect the purchase of spare
parts, repair, payment of salaries, inadequate infrastructure support and
enhance service rendering.
Given the above condition
of the Nigerian Railway Corporation in the nations transport industry, the
problem which looks for detailed analysis and solution includes the following
questions.
1. Is
the accounting information used in the corporation adequate for managements short
and long term plans?
Note:
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