The Lekki Concession Company Limited (LCC) says from February 1, 2018, motorists using the toll gate at the Victoria Island end of the Lekki-Epe expressway and Lekki-Ikoyi link bridge would have to pay more money.
Currently, cars are levied N120, sport utility vehicles (SUVs) N150 and commercial buses N80 at the toll gate, while cars pay N250 and SUVs, N300 at the bridge.
In a statement on Thursday, Mohammed Hassan, managing director of LCC, said the charges were no longer sustainable as a result of the “current business realities and increasing cost of operation”.
Hassan said toll review was agreed on after series of engagements with the various stakeholders plying the Lekki Peninsula corridor.
He did not state the new charges.
“Following extensive consultations held with stakeholders in the Eti-Osa/Lekki-Epe Expressway of Lagos state, the Lekki Concession Company Limited (LCC), has announced a review in toll tariffs at the Admiralty Circle Toll Plaza and the Lekki-Ikoyi Link Bridge Toll Plaza with effect from Thursday, February 1, 2018,” the statement read.
“The toll fare increase is as a result of current economic and business realities that have adversely increased the cost of operations and maintenance of the company’s loan obligations.
“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 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. LCC cannot continue to operate or provide the services required from us if we do not review the toll tariffs”.
Hassan said many of the stakeholders consulted, including traditional rulers and community leaders, residents’ associations and youth groups, members of the National Union of Road Transport Workers (NURTW), agreed that there was a need for constant upgrade of road facilities, as the Eti-Osa/Lekki-Epe corridor was rapidly becoming an international economic hub for investors.
Hassan urged motorists to take advantage of the electronic platforms by registering for e-Tag to enable them enjoy discounted passages and faster throughput at the plazas.
He said commercial buses would enjoy discounted passages such that transport fares will not be hiked as a result of the reviewed tariff.