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Business News of Monday, 25 April 2022

Source: www.premiumtimesng.com

Average road transport fare in Nigeria up 36% in last one year -- NBS

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Nigerians paid high transportation fares across different parts of the country in March, the National Bureau of Statistics (NBS) has said.

The NBS said in its Transport Fare Watch report for March that the average fare paid by air passengers for specified routes single journey increased to N 46,810.62 in March from N44,825.04 in February. The difference showed a 4.43 percent increase.

On a year-on-year basis, the NBS said fare rose by 28.26 percent (N36,495.41) in March 2021.

The Transport Fare Watch report presents the data covering bus journey within the city per drop, constant route, bus journey intercity, state route, and charge per person. It also covers air fare charge for specified routes’ single journey, journey by motorcycle (Okada) per drop, and waterway passenger transport.

The average fare paid by commuters for bus journey intercity per drop rose to N3,270.94 in March indicating an increase of 5.29 percent compared to the value of N3,106.72 in February.

On a year-on-year basis, however, the fare rose by 35.65 percent from N2,411.29 in March 2021, it said.

Similarly, the average fare paid by commuters for bus journey within the city per drop increased by 4.41 percent to N536.35 in March 2022 from N513.72 in February 2022.

In another category, the average fare paid by commuters for journey by motorcycle per drop increased by 4.22 percent. The fare rose to N395.12 in March 2022 from N379.12 in February 2022.

Also, on a yearly basis, the fare rose by 45.57 percent to N395.12 in March 2022 from N 271.44 in March 2021.

The average fare paid for water transport (water way passenger transportation) in March 2022 dropped to N 890.03 showing a decrease of 2.53 percent on month- on-month from N 913.13 in February 2022.