Recently, the cost of air travel for Nigerians continues to surge, with average ticket prices witnessing a significant 34.06% increase over the past year.
Following the latest report from the National Bureau of Statistics, airfare rocketed from N55,906.86 in May 2022 to N74,948.78 in May 2023.
While, commuter bus fares also experienced same with 11.66% uptick during the same period and these price hike on transportation expenses throws a huge challenge to Nigerian travellers and commuters.
NBS also stated that, it transports data covers bus journey within the city per drop constant route; bus journey intercity (state route) charge per person; air fare charge for specified routes single journey; journey by motorcycle (Okada) per drop; and water way passenger transport, they added:
Hear it, “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. “
While on airfares, NBS noted that the average fare paid by air passengers for specified routes and single journeys increased by 0.002% on a month-on-month basis from N74,947.30 in April 2023 to N74,948.78 in May 2023.
Hear it, “On a year-on-year basis, the fare rose by 34.06% from N55,906.86 in May 2022. The average fare paid on Okada transportation in May 2023 was N464.55, a 0.49% increase from the rate recorded in April 2023 (N462.29).”
They added that okada fares rose by 11.30% when compared with the value in May 2022 which was N417.39.
They also revealed average fare paid for water transport (waterway passenger transportation) in May 2023 stood at N1,045.15, showing an increase of 1.39% from N1,030.83 in April 2023. This is an increase of 10.99% from N941.63 in May 2022.
Recalling from the previous report that Nairametrics reported that International airfares, particularly on Nigerian routes, may skyrocket as the International Air Transport Association (IATA) sets the exchange rate at $1 to N770.
And Economy ticket prices have jumped from N400,000 to about N1.2 million, while business class tickets range from N4 million to N6 million, depending on the airline and booking time. With the new exchange rate, fares are expected to rise further.