Business
LEKKI Concession Company Limited has announced that it will increase the toll tariffs being charged at the Admiralty Circle Toll Plaza on Lekki-Epe Expressway and the Lekki-Ikoyi Link Bridge Toll Plaza with effect from Thursday, February 1.
The LCC said in a statement that the upward review followed “extensive consultations held with stakeholders in the Eti-Osa/Lekki-Epe Expressway of Lagos State.
Although details of the new rate were not disclosed in the statement, the firm said N100 would be paid by any driver of a mini commuter bus using the Lekki-Epe toll plaza, which is an increase of N20 over the N80 currently being charged.
This, it said, was the agreement it reached with the drivers’ union during the consultations.
It said the toll fare increase was as a result of current economic and business realities that had adversely affected the cost of operations and maintenance of the company’s loan obligations.
The Managing Director, LCC, Mr. Mohammed Hassan, said the feedback and recommendations received during the series of consultations held in December 2017 with stakeholders in Eti-Osa Local Government Area and its environs considerably influenced the new toll fares to be paid by motorists plying the expressway and the Ikoyi Link Bridge.
Hassan said, “Since the commencement of tolling in December 2011, the toll tariffs had remained the same despite the continuous increase in the cost of operations to ensure that the toll plazas and the road infrastructure are well maintained.
“The toll review has also become necessary to enable the company to meet its loan obligations to its local and foreign lenders, considering the fact that foreign exchange rates have continued to increase astronomically in the last couple of years.
“The LCC cannot continue to operate or provide the services required from us if we do not review the toll tariffs.”
The LCC’s attempt to raise the fares on November 8 last year had received public outcry, which made the state government to prevail on the firm to suspend the action. – Punch
– Jan. 26, 2018 @ 19:49 GMT
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