The average fare paid by air passengers for specified routes on a single journey was up by 20.53 percent year-on-year to N89,975.68 in January 2024 from N74,648.65 in the corresponding period of 2023.
The report indicated that it went up by five percent month-on-month. Also, it showed that the cost of intercity bus journeys paid by commuters per drop increased by 6.72 percent to N963.38 in January 2024 from N902.70 in December 2023.
The bureau noted that the average fare paid by commuters for bus journeys within the city per drop increased by 0.94 percent to N650.70 in January on a month-on-month basis from N644.66 in December 2023.
On a year-on-year basis, it rose by 48.03 percent from N650.80 in January 2023.
The average fare paid by commuters for bus journey intercity per drop was N7,577.03 in January 2024, indicating an increase of 2.36 percent on a month-on-month basis compared to N7,402.16 in December 2023.
The average transport fare paid on Okada transportation was N456.22 in January 2024, which increased by 8.69 percent when compared with N419.73 recorded in the prior month.
“On a year-on-year basis, the fare declined by 2.15 percent when compared with January 2023 (N466.25),” the report stated.
It indicated that in January 2024, waterway passenger transportation saw an average fare increase to N1,402.84 from N1,386.76, marking a 1.16 percent monthly rise.
Year-on-year, it represented a 35.82 percent increase from N1,032.84 in January 2023.
The removal of the petrol subsidy by President Bola Tinubu at the end of May 2023 has adversely affected transport fares across the country.
Source: The Punch
