Zenith Bank has increased salary of its staff spread across its branches nationwide by 100 percent.
The move by the bank is aimed at cushioning the effects of the removal of fuel subsidy by the Federal Government.
Recall that President Tinubu on May 29, 2023, during his inaugural speech announced the removal of petrol subsidy.
According to the President Tinubu, “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, StreetJournal reports.
This is also 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.
