In a bid to ease the effect of fuel subsidy removal, the Lagos Building Investment Company (LBIC) has increased the allowance of its staff.
Mr Tobiloba Lawal, the MD/CEO of the company, made this disclosure at the weekend in Lagos.
According to Lawal, LBIC management is raising the staff allowance by 50 percent as a way to cushion the impact of the fuel subsidy removal by the federal government.
He added that as a moral obligation, taking into account the challenges most families are facing due to the sudden action of the government, it is important that as a reasonable employer, LBIC also prioritizes the welfare of its workers.
“With regards to increasing staff allowance by 50 percent, we found that due to rising inflation, every responsible company must have a plan for palliative measures,” stated Lawal.
