Nigeria is grappling with increasing economic pressures as intercity bus fares rise sharply, driven by surging fuel prices.
The latest data from the National Bureau of Statistics (NBS) reveals that the average fare for intercity bus journeys jumped by 20.23% to N7,117.17 in July 2024, compared to N5,919.49 in July 2023.
The rise in fares follows a month-on-month increase of 0.35%, from N7,092.03 in June 2024.
The escalation in transport costs is directly linked to a dramatic rise in fuel prices. Diesel prices surged by 73.63%, reaching N1,379.48 per litre in July 2024, up from N794.48 per litre a year earlier.
Petrol prices also climbed by 28.35%, reaching N770.54 per litre, compared to N600.35 in July 2023.
The impact of the rising fuel prices is evident across the country. Anambra State recorded the highest average fare for intercity bus travel at N9,566.89, followed by Gombe State at N8,299.44. Conversely, Kwara State had the lowest fare at N5,518.38, with Ebonyi State slightly higher at N5,596.1.
In contrast to the surge in intercity bus fares, the average fare for intra-city bus journeys decreased by 2.18%, from N963.58 in June 2024 to N942.61 in July 2024. This represents a substantial year-on-year drop of 29.46% from N1,336.29 in July 2023.
Air travel has also become more expensive, with the average fare for a single journey increasing by 9.65% to N98,561.74 in July 2024, up from N89,921.15 in June 2024. This marks a significant 25.12% increase compared to July 2023.
Motorcycle (Okada) transport fares rose slightly by 1.22% to N483.33 in July 2024 from N477.49 in June 2024, although there was a notable year-on-year decline of 25.20% from N646.12 in July 2023.
Waterway transport fares also saw a minor decrease, with the average fare falling by 0.44% from June 2024 and 0.26% year-on-year from July 2023, standing at N1,403.06 in July 2024.
