In order to stay in business, private transport companies have said they may have to increase fares by as much as 70 percent.
Their reasons for this was disclosed at a stakeholders’ meeting in Lagos, put together by the Association of Private Transport Companies of Nigeria (APTCON).
They claimed that they are facing challenges which have greatly increased their cost of doing business and are threatening their ability to stay afloat.
They also said that the 70 percent increase is inevitable, beginning from the end of the third quarter if no immediate help or support comes from the government and its agencies.
Here are their reasons:
- High cost of maintaining their fleet,
- Poor state of roads,
- Rising cost of funds,
- Double taxation,
- Unstable value of the Naira,
- Harassment and extortion by security operatives.