Nigerian Government Increases Staff Transport Allowance Over Subsidy Removal
Lagos Building Investment Company (LBIC) has increased its Staff Transport Allowance by 50 per cent, saying that the move effective from June 1, 2023, was to offset the impact of fuel subsidy removal and rising costs of transportation in Nigeria.
Managing Director of LBIC, Mr Oluwatobiloba Lawal, made this known in a signed statement, saying that the company decided to take a proactive step to support its staff members and ensure that employees can commute to work without undue strain on their finances.
This was just as Lawal emphasised the Agency’s commitment to the well-being and welfare of its employees.
“The 50% increment in staff transport allowance is a recognition of the economic difficulties that have arisen due to the removal of fuel subsidies and LBIC being a responsible organisation has undertaken this measure to alleviate the financial burden faced by its valued workforce to ensure that employees can commute to work without undue strain on their finances,” he said.
The Managing Director reiterated that LBIC would remain steadfast in its commitment to continuously explore additional measures that provide support to its workforce during the present challenging times.
He, however, said management of LBIC would closely monitor the situation and respond accordingly to any further developments that may arise.
LBIC is an accredited Primary Mortgage Bank (PMB) certified to operate in Nigeria by the Central Bank of Nigeria (CBN) and vastly experienced in the provision of mortgage banking services, having financed over 20,000 low-cost housing in Lagos.
It is also a renowned investment firm committed to driving sustainable economic growth and development in Lagos, Nigeria.
With its focus on strategic investments in various sectors, LBIC aims to foster long-term value creation and contribute to the prosperity of the State.