Lagos State Governor Babajide Sanwo-Olu has affirmed the increase the charge of the government owned bus service Lagos Bus Services Limited by about 46%.
In an announcement by the Assistant Director, Corporate Communication, at the Lagos Metropolitan Transportation Authority (LAMATA), Kolawole Ojelabi, the increase will take effect from August 1.
The senator additionally affirmed LBSL’s solicitation to increase the quantity of travelers per transport from 20 to 42. The government had earlier reduced the number of passengers per trip due to the coronavirus pandemic to enable social distance.
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The LBSL had earlier argued that conveying not more than 20 passengers per trip had resulted in only 14% utilisation of the buses, leading to 72% drop in revenue, while the running costs remained fairly the same.
This choice might pummel Lagosians taking into account the financial difficulty brought about by the covid-19 pandemic.
As of now, Nigeria’s annual inflation rate had increased for the ninth sequential months to 12.4 percent in May from 12.34 percent in April speaking to the most elevated expansion rate in 25 months since April 2018.
The annual inflation rate represents the rate of increase in prices of goods and services.
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The inflation rate has been on the rising trend, from 11 percent in September last year, initially driven by the effect of the border closure, but now compounded by the effect of the COVID-19 induced restrictions across the country.
The NBS in its May 2020 CPI report stated: “The customer price index, CPI, which estimates inflation, expanded by 12.40 percent, year-on-year, YoY, in May 2020. This is 0.06 percent focuses higher than the rate recorded in April 2020 (12.34) percent.
