Zenith Bank has increased the salary of its staff across its branches in the country by 100 percent.
The financial institution is making this attempt to lessen the impact of the removal of fuel subsidy.
Recall that President Tinubu on May 29, 2023, during his inauguration announced the removal of petrol subsidy.
According to the President, “(Fuel subsidy removal) is one decision we must bear to save our country from going under and take our resources away from the stranglehold of a few unpatriotic elements.”
Based on Zenith’s bank new salary structure, a driver now earns N120,000, also a cleaner will earn N80,000 as the Increment was for both contract and permanent staff of the bank.
This development may as well be coming from the bank as a result of Nigeria’s inflation rate that has now risen to a new 17-year high of 22.79 percent from 22.41 percent in May 2023.
The World Bank had projected that the removal of fuel subsidy would contribute to the country’s increasing inflation.