The National Bureau of Statistics (NBS) disclosed on Wednesday that the average fare for intercity bus journeys experienced a substantial year-on-year increase of 86.40%, rising from N3,971.22 in December 2022 to N7,402.16 in December 2023. This notable surge in bus fares has implications for commuters grappling with rising transportation costs.
The NBS Rail Transportation Data for Q3, 2023 also highlighted positive trends, indicating that a total of 594,348 passengers utilized the rail system during this quarter. This figure represents an 18.79% growth rate compared to the corresponding quarter in 2022, where 500,348 passengers were reported.
The report further outlined that in Q3, 2023, the volume of goods and cargo transported reached 81,963 tons, witnessing a significant increase from the 33,312 tons recorded in Q3, 2022. The Nigerian Railway Corporation (NRC) recorded enhanced revenue generation during the reference period, with N1.49 billion generated from passengers, marking a substantial 108.25% increase from the N715.09 million recorded in the same quarter of the previous year.
In addition to passenger revenue, NRC collected N286.78 million from goods and cargo transported during Q3, 2023, reflecting an 181.58% increase from the N101.84 million recorded in Q3, 2022. Other receipts amounted to N119.22 million, indicating a 1.05% increase in the period under review in 2023 compared to the N117.98 million collected in the same period in 2022.
Meanwhile, the NBS Transport Fare Watch for December 2023 reported a month-on-month increase of 19.26% in the average fare for intercity bus journeys, compared to November 2023. The report highlighted varying trends in transport fares for bus journeys within the city, Okada transportation, water transport, and air travel. The analysis included state profiles, with variations in fares across different regions.
The NBS projections for 2024 anticipate moderate inflationary pressure, a 3.50% growth rate for the Real GDP, and a boost in external reserves to $40 billion by the end of the year. The economic outlook emphasizes the importance of addressing productivity in various sectors and attracting private investment for sustained growth.
