The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) has urged the Federal Government to address Nigeria’s rising cost of living, declaring that the N70,000 national minimum wage is insufficient to guarantee workers a decent standard of living.
The union said the current wage could barely cover workers’ basic necessities, including food, transportation and housing, amid persistent economic pressures affecting households across the country.
ASSBIFI Acting National President, Fanimokun Adesina, made the position known in Lagos during the association’s commemoration of the 2026 World Day for Decent Work.
Adesina called for urgent government intervention to improve workers’ welfare, insisting that employees deserved wages that would enable them to support their families and live with dignity.
He criticised the minimum wage, describing it as inadequate to meet the financial demands facing ordinary Nigerian workers.
“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,” he said.
The labour leader maintained that workers needed improved remuneration and stronger social protection measures to safeguard their welfare during and after their years of active service.
According to him, the inability of the current minimum wage to cover essential household expenses underscores the financial difficulties confronting many Nigerian families.
Adesina described the situation as unacceptable, arguing that the minimum wage should enable workers to meet basic needs rather than leave them struggling to afford necessities.
He also highlighted the difficulties associated with the cost of feeding and accommodation, questioning how an average household could cope with prevailing expenses on the current wage.
“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 called for policies that would improve workers’ purchasing power and ensure that employment provides a pathway to financial stability.
“Workers are not slaves; we must be treated with the dignity that decent work reflects,” Adesina added.
Union Seeks Relief From Rising Cost of Living
The ASSBIFI president urged the Federal Government to introduce measures to reduce the economic pressures confronting workers, particularly the rising costs of food, transportation, healthcare, housing and education.
He also called for improved national security, noting that security challenges and economic hardship can compound the difficulties faced by households.
The association maintained that improving workers’ welfare requires more than the payment of statutory wages, stressing the importance of remuneration that reflects the cost of meeting basic needs.
Its position adds to ongoing discussions about the adequacy of wages in Nigeria and the challenges workers face in maintaining their standard of living amid rising household expenses.
FG Considers Changes to Labour Laws
Meanwhile, the Federal Ministry of Labour and Employment has indicated that it is pursuing a review of relevant labour laws to reflect changing employment practices and developments in the workplace.
The ministry’s Southwest Zonal Director and State Controller, Mrs Mienye Badejo, disclosed this in a goodwill message delivered at the ASSBIFI event.
Represented by a ministry official, Mrs Franca Shaabu, Badejo said technological advancements and changing work arrangements were transforming employment relationships, particularly in the banking and insurance industries.
She explained that the ministry would continue consultations with relevant stakeholders to ensure that existing labour laws remained responsive to emerging workplace realities.
According to her, the proposed review would consider the growing adoption of hybrid and flexible working arrangements, which have altered how organisations structure and manage their workforce.
“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 development highlights two key issues facing Nigeria’s labour sector: demands for wages that can sustain workers amid rising living costs and the need to update employment regulations to accommodate evolving workplace practices.
