Lagos to stop 50% slash in bus fares by April 1

The Lagos government has discontinued the 50 percent reduction in the fares of the buses owned by the state.

The directive was announced in a statement released on Tuesday by the Lagos Metropolitan Area Transport Authority (LAMATA).

On February 8, Babajide Sanwo-Olu, the Lagos state governor, announced a 50 percent reduction in the prices of all state-owned transport services.

Sanwo-Olu also announced the provision of food banks in vulnerable places in the state

The Lagos governor said the measures were initiated owing to the hardship faced by residents over petrol and cash scarcity.

In the statement, LAMATA said fares of state-owned buses will return to a 100 percent rate on April 1.

“With effect from Saturday, April 1, bus fare on all regulated buses — BRT, standard and FLM — shall revert to 100 percent rate,” the agency said.

“Lagos state governor, Babajide Olusola Sanwo-Olu, had on Wednesday, February 8, 2023, approved a 50% slash in bus fares following the cash crunch brought about by the recent currency swap.

“Following the supreme court and federal government’s pronouncements on the use of old notes alongside the new notes and return of stability to the system, the 50% rebate is hereby discontinued.”

On March 3, the Central Bank of Nigeria (CBN) said the old N200, N500 and N1000 notes remain legal tender until December 31 following a supreme court ruling.

On March 24, CBN directed all commercial banks to open for operation on Saturdays and Sundays.