"I support the Government's decision...", says Bolt Driver in Lagos State

Lagos state is set to enforce new regulations on ride-hailing companies like Bolt and Uber.
The implementation, approved by the State Governor, His Excellency Babajide Olusola Sanwo-Olu, starts on August 20, 2020. ‌‌‌‌
The Ministry of Transportation first issued the regulation in March on the operation of the bike operators in the e-hailing sector. But it has been met with outrage and mixed reactions.

Details of the new Lagos State regulation on ride-hailing companies

The ride-hailing (AKA e-hailing) companies with over 1000 drivers will pay an annual license fee of ₦25 million to continue operations.‌‌‌‌ Subsequently, they will pay a renewal fee of ₦10 million.
While those ride-hailing companies with less than 1000 drivers will pay ₦10 million and ₦5 million in renewal fees.
For transport companies that own their own cars with employed drivers, the regulation may mandate them to pay ₦5 million. However, if their drivers exceed 50, they would be required to pay ₦10 million. Lagos State Government also expects to get a 10% service charge on the fee for each trip.
The new regulation further stipulates that;

The vehicle must be new or at least less than 3 years old from 2020 which means 2017 car model upward.
The capacity of the vehicle must not be less than 1.3cc, comply with the requirements of Road Traffic Law of the State and must be brought for inspection at least once a year.
The e-hailing drivers obtain Lagos State Drivers' Institute (LASDRI cards) and a driver’s badge issued by the department of public transport.
Designated waiting parks for the e-hailing drivers assigned by the commuter services of the state ministry of transport and the Lagos State.

Lagos state releases new date for the regulation of e-hailing companies Drivers of the ride-hailing companies protest
This new development has not gone down well with the e-hailing drivers.
Drivers have had to deal with other adjacent activities in the state like the partial blockage of the 3rd mainland bridge, a major bridge connecting the Lagos Island to the Mainland. Restricting movement along the bridge has increased traffic, thereby, leading to fewer trips.
The drivers insist that the state government is only after making money off them and not really about regulating for growth and order.‌‌ Conversely, some of the riders told benjamindada.com that they are not bothered about the regulation on the ride-hailing companies they work with. They will remain unbothered for as long as it doesn't affect their cut from trips.
However, one key theme in our conversation with these drivers is that nearly all of them believe that the implementation of the regulation might be unrealistic. " Well, I support the Government decision only that some of what they are pushing for is unrealistic. It’s like they want to make money off the companies....