In August 2024, the average fare for air travel in Nigeria surged to N123,700.14, a sharp 25.51% increase from N98,560.28 in July 2024, and a 56.56% rise from N79,011.38 in August 2023, according to the Nigeria Bureau of Statistics (NBS).
This significant rise underscores the mounting inflationary pressures on air travel. Meanwhile, bus fares within cities saw a drop, with an average fare of N869.35 in August 2024, down 7.77% from July.
However, intercity bus fares saw a slight rise of 0.59%, hitting N7,159.00, with a yearly increase of 20.97%.
Motorcycle (Okada) fares increased by 8.46% to N524.22 in August 2024, but dropped 18.87% compared to the same period last year. Waterway transport fares also climbed, with the average fare rising by 3.30% to N1,449.34 in August 2024.
Despite easing inflation in some transport categories, the steep rise in airfares and intercity bus fares highlights ongoing economic challenges, particularly in long-distance travel.
These fare hikes follow ongoing discussions about rising operational costs and taxation for airline operators, with the Federal Government considering further increases in charges.
(Vanguard)