Intra-City bus fares and transportation costs said to have fallen by 2.18% MoM

The recent Transport Fares report published by the National Bureau of Statistics (NBS) indicates that the average fare for bus travel within the city has decreased from N963.58 in June to N942.61 in July 2024, marking a month-on-month decline of 2.18%.

In contrast, when compared to the same month last year, the fare has seen a significant reduction of 29.46%, down from N1,336.29 in July 2023. On the other hand, the average fare for intercity bus travel per drop has increased to N7,117.17 in July from N7,029.23 in June 2024, reflecting a modest rise of 0.35%. Year-on-year, this fare has surged by 20.23%, up from N5,919.19 in July 2023.

Additionally, air transport fares have escalated to N98,561.74 in July 2024, representing a month-on-month increase of 9.65%. The average fare for motorbike (Okada) transportation has also risen by 1.22%, reaching N483.49 in July 2024, compared to N477.49 in June 2024. However, this fare is down by 25.20% from N646.12 recorded in July 2023.

These mixed results can largely be attributed to the removal of fuel subsidies, which has led to elevated fuel and energy product prices, alongside other variable economic factors.

To mitigate these issues and ensure more stable and affordable travel rates, it is advisable for the government to consider measures aimed at stabilizing fuel prices and enhancing public transport infrastructure. This may involve reducing fuel subsidies, investing in efficient and sustainable public transportation systems, and improving overall infrastructure to lower transportation costs. SOURCE: CSEA AFRICA