The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) has criticised the N70,000 national minimum wage, saying it is not enough to provide Nigerian workers with a decent standard of living.
The union 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 measures to address the rising cost of living and improve workers’ welfare.
Acting National President of ASSBIFI, Fanimokun Adesina, said workers should earn wages that can adequately support their families and allow them to live with dignity.
“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,” Adesina said.
He also called for stronger social protection measures to safeguard workers during and after their working years.
“We demand wages that enhance living standards and social protection that guarantees dignity and after-work survival,” he said.
Adesina described the current situation as unacceptable, particularly when the minimum wage cannot cover some of the most basic expenses facing Nigerian households.
He said it was “absurd” that the national minimum wage could not buy a bag of rice or cover the monthly rent of an average family.
“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,” he said.
He further argued that the wage was insufficient to provide adequate food for an average household.
“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,” Adesina said.
“Workers are not slaves; we must be treated with the dignity that decent work reflects.”
Labour Calls for Action on Cost of Living
The ASSBIFI leader urged the Federal Government to introduce measures that would ease the financial pressure on workers.
He called for action to reduce the cost of essential needs, including food, transportation, healthcare, housing and education.
Adesina also urged the government to improve national security, saying a safer environment was necessary for workers and businesses to thrive.
FG Plans Review of Labour Laws
Meanwhile, the Federal Ministry of Labour and Employment said it was working towards reviewing relevant labour laws to reflect changes in modern workplaces.
The ministry’s Zonal Director for the Southwest and State Controller, Mrs Mienye Badejo, disclosed this in a goodwill message delivered at the ASSBIFI event.
Badejo noted that technological developments and changing employment practices were reshaping workplaces, particularly within the banking and insurance industries.
She was represented at the event by a ministry official, Mrs Franca Shaabu.
According to Badejo, the ministry plans to continue discussions with relevant stakeholders and push for updates to existing labour laws so they can accommodate emerging forms of employment, including 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.
The ministry’s position comes as workers’ groups continue to call for policies that can improve wages, working conditions and social protection amid rising living costs.
