A recent report from the National Bureau of Statistics (NBS) has reveals that transportation fares across various sectors in Nigeria saw slight increases in October 2024, with air travel costs experiencing the most significant year-on-year jump.
According to data released by the NBS on Monday, the average fare for bus journeys within city limits increased by 0.98%, rising from N899.31 in September to N908.15 in October. Despite this increase, the fare still marks an 18.72% decrease compared to the same period in 2023, when it was N1,117.30.
For intercity bus journeys, fares rose marginally by 0.18%, moving from N7,175.06 in September to N7,187.62 in October 2024. This marked a 22.12% increase compared to October 2023, when the fare stood at N5,885.68.
In the air travel sector, the cost of a single journey saw a sharp rise, with the average fare climbing to N126,293.05 in October. This marked a 1.28% month-on-month increase, while airfares surged by 60.31% year-on-year, up from N78,778.38 in October 2023.
Okada (motorcycle) fares also saw a slight increase of 0.75%, from N532.00 in September to N535.98 in October. This represents a 5.65% increase compared to the same period in 2023, when the average fare was N507.30.
Water transport fares rose by 0.67% month-on-month to N1,478.09, reflecting a 5.90% increase from October 2023 when fares stood at N1,395.68.
The NBS noted that the overall rise in transportation costs, especially the significant hike in airfares, reflects broader trends of inflation and cost of living pressures.
“The year-on-year increases in transportation costs, particularly air travel, underscore the broader trends of inflation and cost of living pressures,” said the NBS in its report.
