The National Bureau of Statistics’ recent report on transport fares shows that the average domestic airfare paid by passengers in Nigeria has increased by an astonishing 94.78% over the last 12 months.
This information was disclosed by the NBS in a report titled “Transportation Fare Watch.”.
The NBS stated that airfares recorded a 0.16% increase when gauged on a month-to-month basis. The local airfares rose from an average of N74,586.49 in December 2022 to N74,702.70 in January 2023. “Year-on-year, the fare rose by 94.78% from N38,352.19 in January 2022.
The report also stated that the increase in airfares was not limited to just flights within Nigeria; bus journeys within cities have also seen a rise of 36.59%, with commuters paying N650 per drop compared to N476 back in January 2022, an additional cost for those
who rely on public transportation for their daily commute or errands around town. The 0.94% month-on-month increase from December 2022 (N644) is indicative of how quickly prices are increasing, making it difficult for people living on low incomes or fixed salaries to keep up with these changes without sacrificing other essential expenses like food and rent payments.
It appears clear that there needs to be more government intervention into regulating transport fares so they remain accessible and affordable while still allowing businesses operating within this sector to make reasonable profits off their services rendered—especially if we want our citizens to continue traveling safely during these uncertain times without having to break their bank accounts doing so.