Lagos residents and commuters will be paying more when they ply the Lekki-Ikoyi and Lekki-Epe expressways from February 1, 2018.

According to the Managing Director of the Lekki Concession Company (LCC),Mohammed Hassan, the “current business realities and increasing cost of operation” means that the old rates will no longer apply.

The following are current rates at the Lekki toll gates:

Lekki-Epe toll gate

Cars--N120

Sport Utility Vehicles (SUVs)--N150

Commercial buses--N80

Lekki-Ikoyi link bridge

Cars--N250

SUVs--N300

Commercial bus drivers aren’t allowed on the Lekki-Ikoyi link bridge.

The new rates are yet to be announced.

Here are five reasons why the old rates at the tolls will no longer apply from next week:

1. Stakeholders have blessed the rate increase

According to Hassan, consultations with stakeholders on the proposed hike, went particularly well.

“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 Toll Plaza with effect from Thursday, February 1, 2018,” Hassan said.

2. There has been no increase in toll fares since the gates were born

“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”, Hassan said.

3. Hike is necessary so that LCC can pay off debts

In Hassan’s words: “The toll review has also become necessary to enable the company meet its loan obligations to its local and foreign lenders”.

4. The economic climate in Nigeria has become very tough

“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”, Hassan added.

5. Forex has shot up since 2011

“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.

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The plan to in November of 2017. However, the Lagos State government asked LCC to temporarily shelve the move.