The Lagos state government has announced plans to discontinue the 50 percent reduction in the fares of buses that the state owns.
This was contained in a statement issued on Tuesday by the Lagos Metropolitan Area Transport Authority, LAMATA.
Governor Babajide Sanwo-Olu, on February 8, announced a 50 percent reduction in the prices of all state-owned transport services. The governor announced that the state would make provisions for food banks in susceptible places in the state.
He said the measure was introduced due to the hardship faced by residents over petrol and cash scarcity.
LAMATA in the statement said fares of state-owned buses will be reversed to a 100 percent rate on April 1.
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The agency said, “With effect from Saturday, April 1, bus fare on all regulated buses — BRT, standard, and FLM — shall revert to 100 percent rate.
“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.”
Recall that the Central Bank of Nigeria, CBN, on March 3, declared the old N200, N500, and N1000 as valid legal tender until December 31 following a ruling of the supreme court. The apex bank also directed all commercial banks to be operational on Saturdays and Sundays to meet the cash demands of Nigerians.
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