According to the National Bureau of Statistics Transport Fare Watch report, the average fare paid by air passengers for specified routes on a single journey spiked by 20.53% year-on-year, reaching N89,975.68 in January 2024, compared to N74,648.65 in January 2023.
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Additionally, the report revealed a five percent month-on-month increase in airfare.
Furthermore, intercity bus fares saw a significant rise, with commuters paying N963.38 per drop in January 2024, marking a 6.72% increase compared to December 2023.
Within the city, commuters paid an average of N650.70 per drop in January 2024, indicating a 0.94% month-on-month increase and a substantial 48.03% increase compared to January 2023.
For intercity bus journeys, the average fare per drop surged to N7,577.03 in January 2024, a 2.36% increase from December 2023.
Okada transportation also experienced a price hike, with the average fare rising to N456.22 in January 2024, an 8.69% increase from the previous month.
Waterway passenger transportation witnessed a monthly average fare increase to N1,402.84 in January 2024, representing a 1.16% rise. Year-on-year, this marked a significant 35.82% increase.
The removal of the petrol subsidy by President Bola Tinubu in May 2023 has been cited as a key factor contributing to the surge in transport fares across the country.
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