As Christmas approaches, various transport companies have already adjusted their prices in preparation for the festive season, with notable increases across the board.
As of November 28, 2023, God is Good Transport (Jibowu), Jet Movers, Ekeson Transport, and Chisco Transport have implemented new fare structures, reflecting the economic challenges faced by the transport sector.
The released price list for the above mentioned companies are as follows;
Ekeson Transport (Jibowu)
– Lagos-Owerri(N19,000)
– Lagos- Port Harcourt (N15,500)
– Lagos-Abuja (VIP N29,100, economy N24,800)
Chisco transport (Jibowu)
– Lagos-Owerri (N19,000)
– Lagos-Port Harcourt (N19,000)
– Lagos-Abuja (N33,000).
Others:
– Lagos-Owerri (N27,800)
– Lagos-Akwa ibom (N29,300)
– Lagos-Portharcourt (N30,500)
– Lagos-Abuja (35,000)
In a recent update, the National Bureau of Statistics (NBS) has revealed that transport fares in Nigeria have witnessed a staggering 75% surge since President Bola Tinubu’s announcement of petrol subsidy removal in May 2023.
Prior to the subsidy removal, the average transport fare to Onitsha in the Southeast stood at approximately N10,000. However, this cost doubled in the aftermath of the subsidy removal, causing a strain on commuters. Transporters have reported a significant drop in patronage as Nigerians curtail travel due to the heightened fares.
During the period between June and August, transporters, grappling with low demand, charged around N13,000 to Onitsha. Ugochukwu Eze, a Manager with Okeyson Motors in Ogba, Lagos, attributed the diminished demand during this period to the prevalent rainy weather in Nigeria.
Transport companies are looking forward to another increase in transportation prices, estimating an additional 50% increase due to heightened demand.
The NBS highlighted that the average cost of transportation in Nigerian cities rose from N649.59 in May to N1,285 in June following the removal of petrol subsidies. This represents a significant 98% increase or N636 in just one month. The Transport Fare Watch list by NBS for June 2023 provides a breakdown of bus journeys within Nigerian cities, indicating a substantial impact on intra-city transportation costs.
With these developments, commuters and transport companies alike are navigating the economic repercussions of subsidy removal, as the cost of travel continues to rise, posing challenges to both businesses and citizens alike.
