Tfare Price Surge High by 98% after Subsidy Removal- NBS

The National Bureau of Statistics (NBS) recently reported a 98% surge in transportation costs in the country for the month of June.
Lagos Traffic
Lagos TrafficGoogle photo

This increase comes in the wake of transportation companies releasing updated price lists for intercity journeys.

According to the NBS's Transport Fare Watch list for June 2023, the average cost of transportation within Nigerian cities rose from N649.59 in May to N1,285 in June due to the removal of petrol subsidies. This equates to a substantial intra-city transportation increase of 98% or N636 within just one month.

The NBS's report provides a detailed breakdown of transportation costs, including bus journeys within Nigerian cities per drop, constant route, and bus journeys charged per person, among other modes of transportation.

Comparing figures on a year-on-year basis, the report highlighted a 120% increase in bus fares from N582.61 in June 2022.

Additionally, the average transport fare for intercity bus trips per drop saw a significant rise, reaching N5,685.49 in June 2023 compared to N4,002 in May 2023. This indicates a monthly increase of 42.09%.

The report from NBS stated: "The average fare paid by commuters for bus journeys within the city per drop increased by 97.88 percent from N649.59 in May 2023 to N1,285.41 in June 2023. On a year-on-year basis, it rose by 120.63 percent from N582.61 in June 2022."

It has been observed that transportation companies have adjusted their fares on various routes across Nigerian cities in response to the rise in petrol prices within the country.

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