The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) has declared that Nigeria's N70,000 national minimum wage is grossly inadequate, describing it as a poverty sentence for workers and their families. The union made the declaration on Wednesday, October 7, in Lagos during its commemoration of the 2026 World Day for Decent Work, as reported by Vanguard.
ASSBIFI's Position on the N70,000 Minimum Wage
Acting National President of ASSBIFI, Fanimokun Adesina, said the current minimum wage cannot cover even the most basic household expenses. He argued that the amount cannot buy a bag of rice, pay monthly rent for an average family of six, or provide three square meals for a family of four for two weeks.
"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," Adesina said.
He further described the situation as "absurd," stating: "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."
Call for Government Action Beyond Wages
Beyond wage increases, Adesina called on President Bola Tinubu's government to introduce policies that ease the financial burden on workers across several key areas, including food prices, transportation, healthcare, housing, education, and national security.
He stressed that workers deserve wages capable of supporting their families and guaranteeing a dignified standard of living, not a token amount that fails to meet the most essential daily needs. The union urged the Federal Government to take immediate action on the worsening cost of living facing Nigerian workers.
Broader Labour Push for Periodic Wage Hikes
Earlier, Legit.ng reported that Festus Osifo, president of the Trade Union Congress (TUC), said organised labour is pushing for an annual increase in the national minimum wage paid to workers in Nigeria. The TUC boss stated that members of the organisation, as well as their colleagues in the Nigeria Labour Congress (NLC), have begun talks on the issue.
The demands from ASSBIFI and other labour bodies highlight a growing consensus among Nigerian workers that the current minimum wage is insufficient to meet basic living costs. The Federal Government has yet to respond publicly to the latest demands from ASSBIFI, but the union's call for urgent action on the cost of living is expected to add pressure on policymakers ahead of future wage negotiations.
