The effect of the economic downturn keeps ravaging crucial sectors as private transport owners have announced a 25 per cent increase in fares between Nigerian states, IgbereTV reports
This was contained in a memo issued on Tuesday by the Association of Private Transport Company Owners of Nigeria (APTCON), addressed to operators under its aegis.
IgbereTV had reported that Premium Breadmakers Association of Nigeria (PBAN) had announced that the price of bread is expected to rise by 20 with the bakers divided on how to address the increase in price of raw materials occasioned by the ongoing war between Russia and Ukraine.
PBAN had last week announced its members would embark on a four-day warning strike in order to force the Federal Government to put in place business-friendly policies.
According to the internal memo titled, “Notification of Price Increase Effective 25th August 2022,” private interstate passenger transport company owners of Nigeria are mandated to “increase bus fares across all interstate routes by 25% effective 25th August, 2022.
This is “sequel to the prevalent harsh economic situation as well as the recently announced increase in petrol pump price across the country, the board of APTCON, in collaboration with its member companies, have deliberated and have unanimously agreed that a marginal increase in interstate transportation fares is inevitable,” the memo further clarified.
The body also explained that this increase was borne out of the “downturn that has greatly affected all sectors of the economy especially transportation. In response to the high cost of operations, while many trade associations have increased charges as a means of survival, some others, like the elitist airlines, have received post pandemic intervention funds from the government
