13th June, 2023
The Lagos Building Investment Company (LBIC) has raised staff’s transport allowance by 50% to offset impact of fuel subsidy removal and rising transportation costs.
LBIC has taken a proactive step to support its staff members amidst the recent removal of petroleum subsidies and the subsequent surge in transportation expenses across the country.
In a memo addressed to all employees, Oluwatobiloba Lawal, the Managing Director of LBIC, announced a significant increase of 50% in the staff transport allowance, effective from June 1, 2023.
The Managing Director emphasized the company’s commitment to the well-being and welfare of its employees.
He further stated that, “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 organization 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 LBIC remained steadfast in its commitment to continuously explore additional measures that provided support to its workforce during these challenging times.
“The management of LBIC will closely monitor the situation and respond accordingly to any further developments that may arise,” he said.