Sanwo-Olu Ends 50% Cut In Lagos Bus Fares After Re-election

Governor Re-elect , Babajide Sanwo-Olu, has discontinued the 50% reduction in the fares of government buses.

Sanwo-Olu had slashed bus prices by 50 per cent on 8 February 2023 following the Nair scarcity that drastically increased the cost of living.

The Naira scarcity was as a result of the Naira redesign policy of the Central Bank of Nigeria (CBN), on the old N200, N500 and N1,000 notes.

This made Naira notes scarce and many people couldn’t access it .

As a result, Nigerians were buying Nigerian currencies on the black market, and where charged a huge sum to withdraw from POS.

Following the CBN’s decision to accept the judgement of the Supreme Court, which states the old Naira notes are still legal, the scarcity has been projected to end in a few weeks.

Consequently, Sanwo-Olu directed that fares for the state buses should be restored to 100 per cent starting from April 1, 2023.

This was disclosed in a statement by the Lagos Metropolitan Area Transport Authority (LAMATA) on Tuesday, 28 March 2023.

The decision to cut the fare also occurred weeks before the Governorship election in Lagos State. Sanwo-Olu was seeking re-election. Also, the discontinuation was announced weeks after he was re-elected as governor of the state.

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

Source: Prime Business

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