The Nigerian Association of Road Transport Owners (NARTO) has announced plans to suspend operations starting Monday, February 19. This decision was disclosed by the association’s National President, Alhaji Yusuf Lawal Othman, in a press statement issued from Abuja.

Othman explained that the decision stems from the high operating costs faced by members. He stated, “What we spend on operation exceeds what we earn in total, both locally and in bridging.” The association has been operating at a loss, making it unsustainable to continue enduring these losses.

Efforts to seek intervention from key stakeholders in the federal government and industry have been unsuccessful. Despite sending letters to officials including the chief of staff to President Bola Ahmed Tinubu, the minister of Petroleum Resources, and others, no response has been received.

Analyzing the market situation, Othman highlighted the disparity between operating costs and earnings. Despite the increase in the cost of consumables due to the rise in the value of the dollar, freight rates have remained unchanged. For instance, the freight rate from Lagos to Abuja has remained at N32, despite the significant increase in the value of the dollar.

The expenses incurred in operating trucks, especially in bridging routes, far exceed the earnings. Othman provided a breakdown of expenses, illustrating the significant losses incurred by truck owners. He emphasized the substantial investment required for each truck, making it challenging to sustain operations under current conditions.