By Victor Ahiuma-Young & Omotola Aremo
LAGOS
The Association of Senior Staff of Banks, Insurance and Financial Institutions, ASSBIFI, on Wednesday said the N70,000 national minimum wage was inadequate to guarantee decent living for Nigerian workers.
The union described the wage as grossly insufficient to meet workers’ basic needs, saying it “does not take the worker to the bus stop.”
ASSBIFI made the declaration in Lagos during its commemoration of the 2026 World Day for Decent Work, where it called on the Federal Government to take urgent steps to reduce the rising cost of living and improve workers’ welfare.
Acting National President of ASSBIFI, Fanimokun Adesina, said workers deserved wages capable of supporting their families and ensuring a dignified standard of living.
“We demand an end to indecent work. The worker deserves living wages, not the N70,000 stipend that does not take the worker to the bus stop.
“We demand wages that enhance living standards and social protection that guarantees dignity and after-work survival,” he said.
Adesina described as “absurd” a situation where the national minimum wage could neither purchase a bag of rice nor pay the monthly rent of an average family.
He said: “A situation whereby the national minimum wage cannot buy a bag of rice is absurd; a situation whereby the national minimum wage cannot pay monthly house rent for an average family of six is absurd.
“A situation where the national minimum wage cannot provide three square meals for an average Nigerian family of four for two weeks is nothing but slavery.
“Workers are not slaves; we must be treated with the dignity that decent work reflects.”
He called on the Federal Government to urgently implement policies to reduce the pressure on workers, particularly by addressing the cost of food, transportation, healthcare, housing and education, while also improving national security.
FG moves to review labour laws
Meanwhile, the Zonal Director, Southwest and State Controller, Federal Ministry of Labour and Employment, Mrs Mienye Badejo, said the ministry was pushing for a review of relevant labour laws to reflect changing workplace practices.
Badejo disclosed this in a goodwill message at the ASSBIFI event, where she noted that technological changes and evolving employment practices were reshaping the workplace, particularly in the banking and insurance sectors.
Represented by a ministry official, Mrs Franca Shaabu, Badejo said the ministry would continue to engage critical stakeholders and push for the review of existing labour laws to make them compatible with emerging hybrid and flexible working arrangements.
“The ministry will continue to liaise with all critical stakeholders and push for the review of relevant extant labour laws to make them more compatible with emerging hybrid and flexible working arrangements,” she said.
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