The Lagos State Government, through Governor Sanwo-Olu, has promised to reduce the cost of transportation for all state-owned transport systems by 50%. This new move is to assist in mitigating the consequences of the loss of fuel subsidy.
This is coming after the reports that surfaced over two months ago stating that the new administration of the newly inaugurated Nigerian President, Bola Ahmed Tinubu, would not continue with payment of fuel subsidies.
As a result, many Nigerians have had to deal with the harsh impact of the removal of fuel subsidies, as fuel prices have skyrocketed from N225 per litre to N515 per litre, and most recently, N617 per litre, and even chasing down towards N700 per litre according to marketers.
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To enable Lagosians to cushion these harsh reality, Governor Babajide Sanwo-Olu, during a press conference on Monday, July 31, 2023, at the Lagos House, Ikeja, said the new development is set to become effective on Wednesday, August 2, 2023.
He emphasised that the state’s administration is working towards implementing the palliatives to minimise the suffering that the withdrawal of subsidy has caused the population. He added that the state’s vulnerable residents would also receive food distribution. Sanwo-Olu further disclosed that plans had also been developed for the informal transport sector, particularly the yellow buses, to experience a 25% cost reduction.
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