Following the launch of the Lagos-Ibadan Standard Gauge rail line, the federal government through the Minister of Transportation, Rotimi Amaechi, announced on Friday ticket fares for the Lagos-Ibadan route as operations commence today, Monday, December 7th, 2020.
As announced by the minister, tickets for the route would be N3,000 for Economy Class, N5,000 for Business Class and N6,000 for First Class.
However, Nigerians show displeasure over the outrageous fare as they insisted that the majority of the masses cannot afford such exorbitant fare.
Reactions have been seen across social media, most especially Twitter NG.
@Smithcarina4 reacted saying “Like everywhere else in the world old or new train fares are supposed to be affordable to discourage people from driving there by decongesting the road and reducing traffic.
@TheHavilah_ “Why it’s this high in 9ja is simple a percentage is going to some godfather’s over the next few years”.
So……….the “affordable transportation” that is supposed to be an alternative to the MAIN mode of transportation is far more expensive than the one people are supposed to abandon?”
@iykimo, asked: “Isn’t rail transport the cheapest anymore? Lagos to Ibadan is N3k, N6k for executive suite.”
@DrOlufunmilayo tweeted “Lagos to Ibadan train services prices are out. It is 3k economy seat, 5k business seat and 6k first class.
If you do economy and plan to live in Ibadan and work in Lagos, that means 6,000 a day and 180,000naira a month.
ON TRANSPORT alone.
There’s no hope for the poor.
Another critic, using @Naija_PR, said: “How can rail transport cost N3,000 from Lagos to Ibadan? Who are the people advising these ogas? Your closest competitor is road transport. Why can’t they cut this price by half? Half the price and you are in business.”
Minister Amaechi justified the train fares and admitted that the government adopted the Abuja to Kaduna route template which has been in use since June 2017.
However, Nigerians urged the federal government to reconsider the Lagos-Ibadan train fare and also to note that Abuja to Kaduna route is longer which is mostly used by Politicians and leaders of industries.
An Abeokuta-based business executive, Chief Ola Agbebayo, said the new fare regime is a huge disappointment to a lot of Nigerians.
He wondered why the government took the price away from the masses who the train is meant to serve.
“All over the world, the train is the cheapest form of transportation and everyone who has traveled outside the country would attest to this fact. It is a means of last resort for many, whether resident or migrant. The same should be replicated here. The government has no reason to raise the fare above the reach of the average Nigerians, since it was constructed with borrowed funds which they are still going to repay,” Agbebayo said.
Egypt Leads Nigeria, South Africa in Foreign Direct Investment
The United Nations Trade Association has Nigeria recorded a total of $2.6 billion in Foreign Direct Investment (FDI) in 2020, below the $3.3 billion posted in the preceeding year.
South Africa, Africa’s most industrialised nation, reported $2.5 billion during the same year, slightly below Africa’s largest economy and 50 percent below the $4.6 billion attracted a year earlier.
The report also noted that Africa recorded a total of $38 billion FDI in the same year, representing a 18 percent decline from the $46 billion posted in the corresponding year of 2019.
However, Egypt led Nigeria and South Africa with $5.5 billion FDI, an increase of 38 percent from the preceeding year.
The report read in part, “FDI flows to Africa declined by 18% to an estimated $38 billion, from $46 billion in 2019. Greenfield project announcements, an indication of future FDI trends, fell 63% to $28 billion, from $77 billion in 2019. The pandemic’s negative impact on FDI was amplified by low prices of and low demand for commodities.”
UNCTAD also noted that global foreign direct investment declined by 42 percent to an estimated $859 billion, down from $1.5 trillion in 2019.
“The decline was concentrated in developed countries, where FDI flows fell by 69 percent to an estimated $229 billion. Flows to Europe dried up completely to -4 billion (including large negative flows in several countries). A sharp decrease was also recorded in the United States (-49%) to $134 billion.”
FG to Partly Fund Six Rail Projects Connecting All Regions
The Federal Government will pay a total sum of N71 billion to partly fund six rail projects connecting all regions of the country.
In the report obtained from the Federal Ministry of Finance, Budget and National Planning, the six rail projects marked for development this year are Lagos-Kano rail line (ongoing), Calabar-Lagos (ongoing), and Ajaokuta-Itakpe-Aladja (Warri).
Others are the Port Harcourt-Maiduguri railway, the new Kano-Katsina-Jibiya-Maradi line in Niger Republic and the Abuja-Itakpe and Aladja-Warri Port and refinery/Warri new harbour.
The Buhari administration will also spend N15.1 billion on the development of safety and security of critical projects, airport certification, runway construction, terminal building, among others in the aviation sector in 2021.
Last week, Rotimi Amaechi, Minister of Transportation, said the Lagos-Kano line would be connected from the Ibadan end of the Lagos-Ibadan railway and would cost $5.3 billion.
“We are waiting for the Chinese government and bank to approve the $5.3bn to construct the Ibadan-Kano. What was approved a year ago was the contract,” the minister said.
He added, “The moment I announced that the Federal Government had awarded a contract of $5.3bn to CCECC (China Civil Engineering and Construction Corporation) to construct Ibadan-Kano, people assumed the money had come in; no.
“We have not got the money, which is a year after we applied for the loan. We have almost finished the one of Lagos-Ibadan. If we don’t get the loan now, we can’t commence.”
FG Launches E-ticketing Platform to Deepen Train Usage and Convenience
In a bid to improve the usage and enhance the convenience of train transport in Nigeria, the Federal Government on Thursday announced the launching of the Electronic Ticketing platform for the Kaduna-Abuja rail services.
The N900 million E-ticketing platform was introduced by the Minister of Transportation, Chibuike R. Amaechi, and the Nigerian Railway Corporation.
Amaechi said the new platform would improve efficiency, promote accountability, reduce leakage and enhance economic growth, as well as save time.
The E-ticketing platform was a Public-Private Partnership project done in conjunction with Secure ID Solutions, who provide and would manage the system for 10 years in an effort to recoup its investment before the Nigerian Railway Corporation take charge.
Kofo Akinkugbe, the Chief Executive Officer, Secure ID Solutions, said as the new E-platform issued 25,000 tickets after a successful pilot test on Thursday.
Potential Travelers can book via three ways:
1. Mobile app
3. POS or Cash at the station
A validator would be used to scan the ticket barcode to ascertain its authenticity before boarding.
Amaechi further announced that self-service ticket vending machines at various train stations would be introduced soon.
Vitafoam Expands Net Asset per share by 54.3 Percent in 2020
Fixed Income N5 Trillion Maturing Security to Sustain Nigerian Stock Exchange
COVID-19 Plunges Nigeria’s Oil Revenue by 41% in the First Nine Months of 2020
News3 weeks ago
Heartbroken American Mistress Displays Dangote’s Buttocks in a Viral Video
Crude Oil4 weeks ago
Crude Oil Rose to Almost $52 Per Barrel After Trump Signs Stimulus Package
News3 weeks ago
FCMB Group MD Links to Death of Tunde Thomas, Husband of Married Staff He Fathered Her Kids
Investment2 weeks ago
London Real Estate Company for African Investors Announces its Launch
Finance3 weeks ago
President Buhari Increases Npower Budget by N365 Billion
Technology4 weeks ago
Chinese Government Goes After Jack Ma and Empire
News3 weeks ago
Tunde Thomas: FCMB Commences Review Into Allegations of Unethical Behavior Against MD Nuru
Brands4 weeks ago
Prada’s Profits Drop by $219 Million, Sales in China Up by 60%