Subsidy Removal: Transportation Costs Surge 98% in One Month, Transporters Release Price List

• Due to the removal of petrol subsidies, transportation costs in Nigeria surged
• The National Bureau of Statics (NBS) revealed that transportation costs surged by 98% in Nigeria in June
• The development comes as transportation companies across the country revealed the price list for intercity journeys

According to the National Bureau of Statistics (NBS), the average cost of transportation in Nigerian cities increased from N649.59 in May to N1,285 in June following the removal of petrol subsidies.

The development means intra-city transportation surged by 98% or N636 in one month.

June records the highest cost of transportation in Nigeria

Per figures from the Transport Fare Watch list by NBS for June 2023, the cost included the breakdown of bus journeys within Nigerian cities per drop constant route and bus journeys charge per person, among other means of transportation.

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Punch reports that on a year-on-year basis, the report revealed that bus fares increased by 120% from N582.61 paid by commuters in June 2022.

On average, transport fare by passengers for bus trips intercity per drop increased to N5,685.49 in June 2023, compared to N4,002 in May 2023, revealing an increase of 42,09% monthly.

The report read:

“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."

“No More N9k”: Transportation companies release new price list for inter-state travels

Earlier, Legit.ng reported that transportation companies have hiked their fares on various routes across Nigerian cities in response to the increase in petrol prices in the country.

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Checks by Legit.ng show that some interstate fares have significantly increased to various parts of the country from Lagos.

On some routes, transport fares have jumped by over 100 per cent, and it is expected to get even worse, especially during the festive period.

During his inaugural address, President Bola Tinubu announced that the subsidy is gone and that it was no longer sustainable.

Source: Legit.ng