The cost of air tickets increased by 34.06 per cent in the last one year, the Nigeria Bureau of Statistics (NBS) report for May 2023 has revealed.
According to the NBS Transport Fare Watch for May 2023, the shows that airfare rose from N55,906.86 in May 2022 to N74,948.78 in May 2023.
Join our WhatsApp ChannelAnalysis of the prices by states shows that Kebbi, Bayelsa and Enugu had the highest average prices with N80,000.00, N79,050.90, N79,000.00 respectively. The states with the lowest average prices according to the report are Abia (N69,800.00), Kano/Niger/Benue/Akwa Ibom (N70,000.00) and Jigawa (N70,200.00).
Prime Business Africa had reported that International airfares on Nigerian routes have increased as the International Air Transport Association (IATA) recently pegged the exchange rate at N770 to $1 following the forex reforms by the Federal Government which led to the devaluation of the naira.
READ ALSO: Airfare Hike: Boost Indigenous Airlines’ Capacity To Compete In Int’l Route, Aviation Expert Tells Nigerian Govt
Land Transport Fare
For land transport, the report indicated that the average fare paid by commuters for bus journeys on year-on-year basis rose by 11.66 per cent.
“The average fare paid by commuters for bus journeys within the city per drop increased by 0.23% in May 2023 when N649.59 was recorded relative to N648.12 in April 2023. On a year-on-year basis, the average fare paid rose by 11.66% from N581.79 in May 2022.
“In another category, the average fare paid by commuters for bus journey intercity per drop in May 2023 was N4,002.16, indicating an increase of 0.19% on a month-on-month basis compared to the N3,994.51 recorded in April 2023. On a year-on-year basis, this rose by 9.09% from N3,668.64 in May 2022.”
The report added that okada fares rose by 11.30 per cent when compared with the value in May 2022 which was N417.39.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
