BRT to Introduces New Transport Fares

Plans have been announced of the increment of fares on all routes of the Lagos State Bus Rapid Transit (BRT) scheme, an operator with Primero Transport Services said.

The company’s Managing Director, Mr Fola Tinubu, made the disclosure in an interview with the News Agency of Nigeria (NAN) in Ikorodu on Thursday.

Tinubu said that the increase, which will take effect from February was as result of its increasing operational cost.

The company has maintained a fare of N75, N120, and N195 from Ikorodu to Mile 12, Fadeyi, and CMS, respectively, since it started operations in November 2015.

READ MORE AFTER THE CUT...............................

According to him, the company will introduce new fares which will take effect between the end of February and early March.

Tinubu said: “we are going to increase our price because of the situation in the country, our cost has just gone through the roof.

“At this time last year, we bought 1.2 million litres of diesel monthly at N120 per litre, we are now buying at N260; tyres that cost N70,000 each now go for N140,000.

“All the parts used for the buses are imported so they’ve all doubled or tripled in price; and we have no choice but to continue to buy them.

“So, in doing that we have to find a way to make it work because you all know that the buses were bought in China; so, we have a foreign dollar component in our debt portfolio.
“When we bought the buses it was N168 to a US dollar and now we are talking of N470 and we still have to pay the dollar component back.

“So, our debt has increased and our cost of operation has gone through the roof, and we have managed to keep the pricing same for now.