According to the latest Transport Fare Watch of the National Bureau of Statistics (NBS), transportation costs increased significantly in August 2023. The average fare paid by bus passengers within the city increased by 121.81% year-on-year from N602.48 in August 2022 to N1,336.38 in August 2023. Similarly, the average fare paid by commuters for intercity bus journeys rose by 56.6% year-on-year from N3,779.96 in August 2022 to N5,918.18 in August 2023. The rising transport costs could be attributed to the removal of subsidies on petrol. While the development is expected to improve the government’s fiscal position, it imposes a heavy financial burden on citizens.
October 12, 2023
Nigeria Economic Update (Issue 39)
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Nigeria Economic Review
This report provides an evidence-based analysis
of the state of the Nigerian economy in a bid to inform economic policies
in Nigeria. The report presents some analyses of significant economic events in
Nigeria within the period, and provides an outlook on what policymakers,
businesses, and individuals should expect in subsequent quarters of 2016. It also provides valuable insights
into potential drivers of the economic trends and outlines expectations for
subsequent quarters of the year. The area of focus are Global Economic
Performance, Domestic Economic Performance, External Sector Performance, and
Sectoral Performance.