Key questions:
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The Nigerian government plans to remove the petrol subsidy next month. How will this decision impact the cost of transportation in Nigeria?
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Transportation is the second highest expense in Nigerians’ income. In March 2023, it contributed 1.4% to inflation. To what extent have recent global events influenced transport fares recently?
Yesterday, I spent ₦16,000 on Bolt charges for a return trip from Ikeja to Lekki (a two-hour journey), triple my 2021 expense. Meanwhile, my sister, who visits me by bus from Berger to Ikeja (20 minutes), now spends ₦800 from ₦300 in 2021, a 167% increase.
I’m sure this is the case for many Lagosians, and it's probably even worse across the country. According to the National Bureau of Statistics (NBS), after food (56.7%), Nigerians spend the most on transportation (6.4%).
Broadly, there’s been a drastic increase in Nigerians’ cost of living, but it is worth zooming in
