Business and Economy

NBS says Transport Fares slightly decreased in the month of April

The most recent Transport Fares report from the National Bureau of Statistics (NBS) shows a slight decrease in the average transport fare paid by commuters for bus journeys within the city.

In April 2024, the average fare dropped to N967.76 from N969.32 in March 2024, marking a 0.16% month-on-month decline. Similarly, the average bus intercity fare decreased to N7,122.57 in April from N7,152.97 in March 2024, indicating a 0.43% decline.

On the other hand, air transport fares increased by 0.25% to N89,189.19 in April 2024 from N88,964.86 in March 2024. Additionally, the average fare for motorcycle (Okada) transportation rose by 0.92% to N476.49 in April 2024, up from N472.16 in March 2024. Water transport fares also saw a marginal increase of 0.12%, with the average fare rising to N1,385.95 in April 2024 from N1,384.32 in March 2024.

The removal of fuel subsidies nearly a year ago continues to impact transportation costs, along with the depreciation of the naira against the dollar. Given that a significant portion of energy products are imported, currency depreciation leads to higher costs for these products.

The government must focus on stabilizing the exchange rate to reduce the importation cost of petroleum products and address the high transport and energy costs that contribute to inflation, a key component of production.

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