MTN Nigeria, Dangote, Oando up, Nigerian Stock Exchange gains 37% in 365 days


The latest report released by the National Bureau of Statistics (NBS) reveals the average price paid by commuters for journey by motorcycle per drop increased to N276.38 in November 2020 from N265.41 in October 2020.

This represents a 4.13% increase in the transport fare paid, month-on-month basis and 120.15% Year-on-Year, from N125.54 in the corresponding period in November 2019.

READ: Transport fare for motorcycle “Okada” more than doubled in 2020

Motorcycle (Okada) commuters in Niger (N1,520.46) paid more, followed by Kogi (N390.15) and Taraba (N360.40), while commuters in Adamawa (N75.99), Katsina (N110.40) and Kebbi (N140.28) paid the least.

READ: Bus fare paid by Nigerian commuters increased by 68.8% in October 2020

Transport fare by Bus
The average fare paid by Nigerian commuters for bus journeys within the city spiked by 73.84% year-on-year from N192.05 recorded in November 2019 to N333.86 in November 2020 and month-on-month increase of 3.61% from N322.22 in October 2020.
Commuters in Zamfara (N595.22) paid more, followed by Bauchi (N510.65) and Nasarawa (N438.45), while commuters in Abia (N195.24), Borno (N213.21) and Kebbi (N220.30) paid the least.
The average fare paid by commuters for bus journey intercity increased by 1.39% month-on-month and by 36.38% year-on-year to N2,240.66 in November 2020 from N2,209.84 in October 2020.
Commuters in Abuja FCT (N4,380.40) paid the highest, followed by Lagos (N3,100.00) and Sokoto (N3,100.00), while Bayelsa (N1,500.10), Enugu (N1,597.10) and Bauchi (N1,642.12) paid the least.

READ: Nigeria imported over 55% of cooking gas consumed in October 2020

Transport fare by Air
As regards to air travel, the average fare paid by air passengers for specified routes single journey increased by 0.13% month-on-month and by 18.47% year-on-year to N36,301.74 in November 2020 from N36,256.08 in October 2020.
Passengers in Anambra/ Cross River (N38,500.00) paid more, followed by Lagos (N38,400.00), Jigawa (N38,260.00), while passengers in Akwa Ibom (N32,500.00), Sokoto (N33,200.00), and Gombe (N34,550.00) paid the least.

READ: Hope rises for employment in December 2020 and January 2021 – CBN survey Report 

Transport fare by Water Way
The average fare paid by passengers for waterway transport increased by 0.86% month-on-month and by 35.39% year-on-year to N756.84 in November 2020 from N750.42 in October 2020.
Passengers in Delta (N2,294.23) paid the highest, followed by Bayelsa (N2,215.65) and Rivers (N2,185.10), while passengers in Borno (N229.10), Gombe (N280.10) and Kebbi (N300.00) paid the least.

READ: FAAC disburses N639.9 billion in October 2020, allocation drops by 6.2%

Why this matters

Transportation cost accounts for the second-largest budget item for lower middle-class Nigerians, and takes a reasonable part of their total take-home pay, most times not less than 20%.

The increase in transport fare is due to higher fuel prices, depreciation of the naira and general increase in prices of goods and services

READ: Dangote Cement, MTN hit N3 trillion market cap, as GT Bank crosses N1 trillion

Source: Nairametrics

Post views in 5 minutes: 2 views

Be the first to comment

Leave a Reply

Your email address will not be published.


*