Fuel Subsidy Removal: LBIC Staff Jubilate As Agency Increases Transport Allowance

Members of staff of the Lagos Building Investment Company (LBIC) have commended the agency for increasing their transport allowance.

Our correspondent was at the LBIC office, Alausa Ikeja on Friday where some of the staff expressed their joy for the agency prompt response to the cost of transportation due to fuel subsidy removal by the Federal Government.

A member of staff who simply identified himself as Kayode told Echonews how elated the workers were over the gesture of the management.

“We are happy. This will spur us to be more productive,” Kayode stated.

Lagos Building Investment Company (LBIC) increased its Staff Transport Allowance by 50% effective from June 1, 2023, to offset the impact of Fuel Subsidy Removal and Rising Costs of Transportation.

A release signed by the Managing Director of LBIC, Mr. Oluwatobiloba Lawal said the company decided to take 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.

He emphasised the Agency’s commitment to the well-being and welfare of its employees, saying “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”.

The Managing Director reiterated that LBIC will remain steadfast in its commitment to continuously explore additional measures that provide support to its workforce during the present challenging times. The management of LBIC will 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 State.

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.