Airfares jumped by 56% in August – NBS

The average fare paid by air passengers for specified routes on a single journey rose by 56.56 percent from N79,011.38 in August 2023 to N123,700.14 in August 2024.

The Nigeria Bureau of Statistics in its latest report on Tuesday, said on a month-on-month basis, the fare jumped by 25.51 percent from N98,560.28 in July 2024 making air travel more expensive for commuters.

In other categories, the average fare for bus journeys within cities dropped to N869.35 in August 2024, decreasing 7.77 percent from N942.61 in July 2024.

On a year-on-year comparison, the fare increased by 34.95 per cent from N1,336.38 in August 2023. This decline may be attributed to easing inflationary pressures on city transportation.

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For intercity bus journeys, the average fare rose slightly by 0.59 per cent, reaching N7,159.00 in August 2024, compared to N7,117.17 in July. On an annual basis, the fare increased by 20.97 percent, up from N5,918.18 in August 2023, reflecting rising operational costs for transport companies.

Fares for commuters using motorcycles (popularly known as Okada) increased too. The average fare for a single drop in August 2024 was N524.22, up 8.46 per cent from N483.33 in July 2024. However, on a year-on-year basis, the fare dropped by 18.87 per cent from N646.12 in August 2023.

Waterway transportation, often used in riverine areas, also saw a fare hike. The average fare paid for waterway passenger transport rose to N1,449.34 in August 2024, an increase of 3.30 per cent from N1,402.95 in July 2024. On a year-on-year basis, the fare rose by 3.03 per cent from N1,406.74 recorded in August 2023.

Overall, while some categories of transport fares have declined, the significant increases in air and intercity transport costs signal continued inflationary pressures on longer-distance travel.